October 2022 marks Broker Insights’ 4th birthday! EVP, Iain Crole, reflects on the last few years and looks ahead to what the future holds.
“Broker Insights marked its 4th birthday in October 2022. Four years of developing and honing our platform and strengthening its position as THE match-making solution for commercial insurance.
“During that time, we have continually invested in our team, which has grown from four staff to almost fifty. Each member of the team has added the capacity, expertise, and experience needed to develop our unique platform. What started out as a transactional database has developed into a highly-advanced match-making solution, which sits at the heart of the UK’s commercial insurance market.
“Our independent status gives Broker Insights a unique view of market data across the whole of the UK, spanning different regions, brokers of various sizes and product specialities. Our platform takes in data from 19 different types of broker software systems and counting. There is a huge variation in the class descriptions within this complex data set, which our unique process then interprets, turning over 1,500 different naming conventions into a standardised list of 132 common classes. Once this categorisation is complete, renewal data can be cross-referenced against insurer appetites, underpinning our ‘intelligent match-making’ process.
“When Broker Insights launched in 2018, we had the visionary support of three insurer partners. The platform now has nine insurer partners and five MGA’s, all keen to use the platform to inform their distribution management and connect with members of our broker community.
“In terms of the broker community, membership has grown year on year with the platform now containing around 15% of the UK broker market, collectively accounting for over £1.7bn GWP. Our brokers trust Broker Insights with their data, and in return, the platform supports them to better manage their placement strategy, engage with our insurer partners, and drive efficiencies.
“All this has been achieved in just four years, and we have picked up a few awards along the way too. We can’t wait to see what the next four years bring as our platform, our insurer partners, and our broker community continues to grow – together.”Back to Blog