Genesis Risk Solutions Limited, based in Rochford in Essex, is a leading insurance broker, specialising in the construction, fleet, waste, and recycling industries. Managing a client book across the UK that ranges from owner-run small businesses and sole traders to multi-million turnover organisations, the business has gone from strength to strength in recent years.
With this significant growth has come increasing data management challenges, and here James Norris, Associate Director and Head of Broking at Genesis, explains how the Vision platform has helped and enabled them make the most of their data insight opportunities.
The Issue
The team at Genesis found that accessing management information (MI) and managing increasingly complex business data were areas demanding significant time and attention as the business grew.
They had relied on their software house, which was being used primarily as an accounts function and for invoicing clients. While the information was in there, exporting reports was extremely difficult and time consuming. And once the information was exported, the team would then have to process it via spreadsheets, which again took both time and effort. As James explains:
“Data management and MI in general was a challenge. It’s all in the systems but getting it into shape was extremely difficult. Add into that, to produce our half year reports required over three days of work to process the data, and you get an idea of the frustrations we had.”
Genesis recognised they needed instant access to their MI and better management of their data. They understood this would further strengthen their understanding of the balance of markets they use, and help them build on their already excellent relationships with their insurer partners and high proposal response rates. So, they turned to Broker Insights Vision™.
Vision Objectives
In choosing Vision, the team at Genesis aimed to achieve several key objectives:
• Enhanced data management: By leveraging Vision, they hoped to streamline their data processes and gain immediate insights into their market activities.
• Optimised placement strategy: Instant access to detailed MI would enable them to make more informed decisions and strategically place business with their key partners.
• Improved tracking: While they knew their markets, what was difficult to track was the volumes placed with key partners. They could obtain this information at a high level, but getting answers to detailed data questions was difficult.
The Results
Genesis joined Vision in early 2024, and according to James it has helped them “identify over-reliance on specific markets and allowed us to better understand the balance. The placement quilt feature has been particularly useful, highlighting business distribution and helping inform our decisions.”
“Instant access to automatically analysed MI has been a gamechanger, driving efficiency, while financial performance tracking has helped us to better understand our commission and fee performance, and ensure alignment with financial goals.”
James continued: “The Vision platform provides us with a fantastic overview of our total GWP and remuneration position on a monthly basis. The ability to be able to drill down and view how our book of business is apportioned between our various insurer partners and policy classes helps us understand what areas are performing well and where improvements may be required. The monthly upload process is straightforward and the instructions provided were very simple.”
The benefits of using Broker Insights Vision™ have been clear for Genesis. It has equipped the team with the tools and insights needed to manage their data more effectively, optimise their placement strategy, and enhance their overall market performance.
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