Getting the Most from the Broker Insights Platform

Broker Insights’ Training Manager, Katie Nobes, and Head of Sales, Dave Smith, provide a few key tips to consider when reviewing placement strategy.

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Managing placement strategy ranks amongst the most important tasks a broker must routinely address. With Broker Insights, users have access to a dedicated Placement Strategy page that automatically matches a broker’s book of business with our insurer insurers. 

To help you get the most out of the page, Training Manager, Katie Nobes, and Head of Sales, Dave Smith, have provided a few key tips to consider when reviewing placement strategy. 

Place more business in fewer markets:

Dave: “The insurance industry is still a relationship-led business. Trust and understanding is key. The thinner you spread your agency base, the less likely you are to optimise the working relationship with your insurers. A broker is far better to have a manageable number of really good relationships where the bulk of their business is placed and know that they will provide support when you need to discuss harder to place cases. 

Broker Insights appetite matchmaking can help develop your relationships with insurer partners. 

Katie: “It’s a very straightforward process – simply log into the platform and head to the Placement Strategy page. The ‘placement quilt’ is a visual representation of a business’ commercial placement. The largest agencies are to the left-hand side, decreasing in size as you move towards the lower right-hand corner. To review agencies, simply clicking on them within the quilt will display the list of policies aligned, identifying any opportunities to remarket policies that align to the appetite of our partner insurers.  

Identify appetite:

Dave: “Overlaying insurer appetite across your renewal book allows brokers to understand the options that might be available to them, informing decision-making at renewal and helping with the development of their placement strategy.

Katie: “The filters available on the placement strategy page make it easy to identify alternative markets for your renewals.  Using the renewals in appetite button allows you to focus only on policies that align to our partner insurers.  In addition to this, renewal month or product class filters can be applied to identify the policies that you are working on. 

Complement existing MI:

Dave: “The team at Broker Insights have worked hard to ensure that the platform is easy to use. This is especially true with the in-built management information suite, which is incredibly intuitive. 

 Katie: “Data uploaded to Broker Insights is presented visually within the Placement Strategy page, allowing firm principals to explore opportunities and adjust placement accordingly. This data can complement existing MI processes nicely, enhancing your ability to explore placement strategy options without changing how you work. 

Enhance insurer relationships:

Dave: “How long do you take to prepare for upcoming insurer review meetings? With the MI provided on the Broker Insights platform, you can access the relevant information at the click of a button, leading to more effective meetings and better outcomes. 

Katie: “To prepare for meetings with insurers, select the relevant insurer from the ‘appetite matched insurer’ filter.  This will display a list of policies to review as part of the meeting. Remember that the system is designed to be interactive, so why not keep it on screen as a reference point during the meeting?

If your firm would like to discuss how to get the most out of Broker Insights and the Placement Strategy page, contact us now. 

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