Blog: Turning Liabilities into Assets

As you will know, when we deposit money in the bank, we’re not giving the bank an asset. We’re giving them a liability. Banks are tasked with looking after our money and delivering all the services required for us to access it. Upon receipt of our money, the bank seeks to turn the liability into an asset by lending it to a borrower and earning fees for doing so. It’s a simple conversion from one state to another; turning liabilities into assets. 

In the world of commercial insurance, when a client engages a broker, the client’s risk data is equally not an asset. It’s a liability. The broker is tasked with securing the data and providing all the services relating to the client’s risk, such as coverage, renewals, claims, etc. 

Data is the currency of the commercial insurance industry. Leaving data locked in siloed systems will ensure it remains a liability, not an asset.

So, how can a broker convert a liability into an asset, as the banks do? 

Brokers – and by extension, insurers – must leverage data as an asset to their advantage, wherever possible. The introduction of Broker Insights VisionTM (Vision) helps achieve this conversion, by fully leveraging the power of data. 

With Vision, you can: 

• Gain a holistic view of your business, unlocking valuable insights that drive income, strategy, and market opportunities 
• Define and set placement strategy with insurer partners, understanding the feasibility of goals 
• Manage the client renewal process easily and organise workflows

Very soon, you’ll also be able to: 

• Assess decision outcomes across placement, product and people by viewing valuable metrics driving income, strategy and market opportunity 
• Benchmark operational activities against market peers, identifying potential risks and optimising placement decisions 
• Cross-sell to existing clients through highlighted opportunities benchmarked against what similar customers buy 

To ensure the best outcomes for your business, Broker Insights continually develops its market-leading technology, unlocking more features and benefits for you over time. To learn more about the advancements introduced by Vision, get in touch with your Trading Manager. Or, to discover if you’d like to get involved, book a platform demo today.