The Broker Insights platform features a variety of industry-first technologies and workflows, each designed to help bridge the knowledge gap that exists between brokers and insurers, optimise processes, and drive efficiency.
For our broker partners, the Placement Strategy page is at the core of the platform, helping to turn complex data into actionable knowledge.
Analysis of platform usage metrics shows that brokers now average two visits per week to the Policy Placement page. The uplift in visit frequency suggests that brokers are increasingly utilising the page to inform their placement decisions and identify markets for their held book.
The uplift can also be attributed to each of Broker Insights’ insurer partners’ underwriting appetites now being included within the platform. The classes of business each insurer is interested in are routinely reviewed and updated, to enable the platform to ‘match-make’ renewal opportunities directly with suitable markets.
The analysis of platform usage metrics also discovered that when responding to Notes of Interest (NOIs) from insurers, brokers ‘accept’ rate had increased by 20% over the last year also.
By providing recommendations to brokers and enabling insurers to signpost their appetite and educate the market, the platform fulfils a vital role in bringing both parties together.
Commenting on the increasing usage and response rates, Iain Crole, EVP at Broker Insights, said: “Broker Insights helps both brokers and insurers to better utilise data-driven processes and benefit from the efficiencies they deliver. It is hugely gratifying to see platform functionality such as the Placement Strategy page becoming mainstream solutions for our broker partners.”
Head of Insurer Relationships for Broker Insights, Alun McGeoghegan, believes that the increase in usage marks the beginning of a journey towards wider benefits: “Broker Insights is driving process optimisation for both brokers and insurers.
“A broker using the platform to inform their placement strategy can shine a spotlight over the insurers that are interested in risks they hold. This seemingly simple process of education has profound benefits, as it saves the broker the time and effort involved in approaching insurers that aren’t interested, and it saves insurers from allocating resources to processing out-of-appetite proposals.
“We look forward to seeing the usage of the platform’s various features continue to increase further still.”
Sign in to the platform here to view and make use of the Policy Placement page.
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