The Benefits of Increasing Data and Technology Use in the Intermediated Commercial Market

Broker Insights COO, Alan Sanderson provides an insight into his experience, getting to
grips with the platform’s functionality, and the opportunities that lie ahead.

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In most things in life, friction and cost come from a lack of knowledge and understanding, which creates inefficiency. Broker Insights’ purpose and motivation is clear; to increase distribution and broking capability while driving out the source of friction and cost and creating efficiencies that could never be realised without this step change.  

To help deliver this change, Broker Insights has invested significantly in recruitment, to attract a wealth of talented and experienced individuals and strengthen the overall team.  

At the start of 2022, Broker Insights appointed Alan Sanderson to the role of Chief Commercial Officer. Reflecting on his time with the business so far, Alan provides an insight into his experience, getting to grips with the platform’s functionality, and the opportunities that lie ahead: 

“Brokers signed up to Broker Insights are uploading key customer data from their own systems and having it presented back to them in a clear, usable format through our secure cloud-based platform. Meanwhile, our insurer partners are coding their underwriting appetites into the platform, which when overlaid with brokers’ customer data, is providing some unique insight for both parties. 

“In just over 3 years of trading, Broker Insights have signed up over 173 brokers representing over 400 offices and £1.2 billion GWP (Gross Written Premium). Platform partners include 8 leading insurers as well as a select number of specialist risk providers. 

“There is no doubt about the benefits being delivered from the insights and knowledge the platform is providing. Insurers are experiencing increased quote flow, but more importantly, a quote flow that does not drain their underwriting resources. This is in addition to new business success way beyond their natural market share by having the right opportunities presented to them by Broker Insights. 

“By providing insurer appetite recommendations and helping facilitate the right inbound attention from insurer partners, we are helping make the process of marketing risks easier than ever for our broker community. Ultimately, the platform capability is supporting better placement management and oversight for brokers which has both regulatory benefits as well as a number of wider business benefits. 

“Looking ahead, Broker Insights’ focus will remain on growing and developing the platform. We’ll increasingly start to leverage the platform data to ensure complimentary insurer partner coverage for our broker community in addition to the many unique trading insights already being delivered. We will also continue to develop core platform functionality to drive efficiency gains and improve the distribution chain for our insurer partners and broker community. 

“With a shared understanding and vision to use data and technology to modernise the intermediated commercial market, Broker Insights can continue to make a positive and profound impact on the industry.

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