Decision Intelligence in Commercial Insurance

Broker Insights Vision^TM is empowering brokers and insurers through data-driven decision-making.

In this blog, we explain how our partners use Vision’s ‘Decision Intelligence’ to efficiently explore, simulate, and act on data insights.

Understanding Decision Intelligence

Decision intelligence (DI) is a practical discipline that advances decision making by understanding how decisions are made and how outcomes are evaluated, managed and improved via feedback.

DI begins with a data culture and is a continuous feedback cycle between data, insights and the informed decisions which the insights drive. Decision intelligence helps people make well-informed decisions that lead to better outcomes and continuous improvement.

What is Broker Insights Decision Intelligence?

Broker Insights Decision Intelligence is the key to unlocking market data and redefining the distribution landscape for commercial insurance. Our unrivalled decision intelligence platform Broker Insights Vision^TM turns data-driven decision-making into a tangible reality.

Vision uses MatchPoints^TM to intelligently ‘match’ renewal risks with insurers’ appetite, to bridge the knowledge gap that exists between brokers and insurers.

Allen Simpson, Director at R K Henshall & Co says:

We had an upcoming renewal for an EP&C risk. MatchPoints^TM quickly identified Allianz as the best option for this particular risk. Despite not actively engaging with Allianz for this type of insurance for some time, their appetite for the risk was still there, and we were able to complete our renewal successfully.

What are the results of Decision Intelligence for brokers and insurers?

• Time saved: Decision Intelligence helps to focus efforts on areas of greatest return, mitigating wasted effort. Focussing on markets with an appetite for particular risks, Vision helps brokers optimise workflows, which can save around 30% of the time spent engaging insurers.  
  
• Enhanced pipeline efficiency: Data-driven decision-making highlights the areas to focus upon to achieve commercial objectives. Vision helped regional brokers grow GWP by an average of 24% in 2023.
  
• Stronger relationships: By reducing wasted effort, both brokers and insurers move towards more productive conversations, strengthening relationships. In fact, our top-performing brokers are placing over 20% more business with key partners.
  
• Competitive advantage: Decision Intelligence is guiding commercial insurance brokers and insurers into a future where decisions are optimised, outcomes are maximised, and every partnership is strengthened through the power of data.

If you would like to discuss how you could benefit from Broker Insights Decision Intelligence, contact Broker Insights. To stay up to date with the latest news, follow us on LinkedIn.