Announcements ahead of the 2021 United Nations Climate Change Conference in Glasgow serve as a reminder, not that it’s needed, that every industry and every individual must play their part in tackling climate change.
At Broker Insights, we are committed to sustainability and helping to reduce emissions by better utilising the power of technology.
Traditionally, an insurer business development manager would drive thousands of miles each year to engage with brokers, build up an understanding of their business, and discuss upcoming renewals. Broker Insights’ data-driven approach enables both brokers and insurers to engage more effectively over in-appetite risks within the platform.
As an example of the sustainability benefit the platform provides, if we were to assume that an insurer BDM was responsible for managing 40 brokers in their region and that in order to do this, they have to visit each broker quarterly to discuss their renewal book and opportunities. Taking an average round trip journey of 50 miles per broker, this would equate to over 8,000 miles per year. In many cases, this saved travel time could be redistributed to more impactful work.
Broker Insights connects insurers with brokers, which allows both parties to utilise data to identify in-appetite opportunities. As a result, the same insurer BDM can prospect with their 40 brokers via the platform, identify in-appetite cases and issue Notes of Interest, all from their desk.
This direct process strengthens the connection between brokers and insurers and lessens the need for quarterly review meetings to discuss upcoming renewals.
As more focused activity happens as a result of engagements via the Broker Insights platform, less travel is required to build understanding thus ensuring maximum value from travel, further reducing mileage, increasing efficiency and contributing towards sustainability.
With broker activity having increased by 137% YoY and insurer activity up by 112% YoY, we are already seeing the beneficial impact of data-driven engagements in reducing CO2 emissions.
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