For any business targeting growth, it is important to consider the adage, ‘if you always do what you’ve always done, you’ll always get what you’ve always got’.
Growth requires change. If a business wants to grow, ‘business as usual’ may not be enough.
Broker Insights’ Head of Trading, Alun McGeoghegan, has put together a summary of five ways that the platform can support businesses seeking growth:
1: Focus on efficiency:
Growth and profit are clearly two separate things. Businesses that grow may not always realise higher profits from the increased volume, unless they also focus on maintaining efficiencies.
Broker Insights supports process optimisation, which helps both brokers and insurers to drive efficiencies by automating manual processes, managing time more efficiently, and focusing resources on the best opportunities.
2: Take a long-term view:
The platform’s market-leading management information suite provides relevant, actionable insights to help manage business, allowing users to take a longer-term view of upcoming opportunities and make data-led decisions.
Combined with the new Alerts and Notifications System, upcoming opportunities will quite literally jump out of the page in the shape of pop-ups informing you of recent platform activity.
3: Remove wasted effort:
Wasting time and effort on out-of-appetite proposals is a major obstacle to growth. It is important that businesses put their best foot forward by taking a more targeted approach to trading.
Broker Insights ‘intelligent match-making’ capabilities allows brokers to target known insurer underwriting appetites, as the platform highlights recommended cases and provides accurate data to ensure an efficient dialogue.
4: Strengthen relationships:
Relationships are integral to the ecosystem of commercial insurance. Broker Insights provides an online platform for brokers and insurers to connect directly with each other, where both parties can be more informed about the marketplace and proactively find the right opportunities. This creates a more focused dialogue, which subsequently strengthens relationships and boosts growth.
5: Seize opportunities:
Renewals within the platform cover a 90-day window from the policy renewal date. Decisions around placement are typically made early within this window, which is why both insurers and brokers are encouraged to seize opportunities as early as possible. Furthermore, when a Note of Interest or other communication is issued, don’t delay responding – action your response early to explore the opportunity in a timely manner, allowing more scope for further discussions.
Alun McGeoghegan believes that the platform’s vital role in driving growth is set to increase with further product developments:
“Broker Insights is investing heavily in the platform, to further enhance its functionality, drive new product development and build on the momentum achieved to date. We look forward to working alongside all our partners throughout 2022 and beyond, to help achieve their goals.”
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