“People don’t know what they want until you show it to them.”
Steve Jobs
Insurers work tirelessly to ensure that their products and services keep up with clients’ evolving needs, particularly where emerging risks are concerned. With the insurer market introducing new covers all the time, brokers have a wealth of products to access to meet client requirements.
The challenge that follows is to raise awareness with clients of the availability and requirement of products to meet their needs.
Uptake is “emerging”
While cover for emerging risks is increasingly available, analysis of cover shows that uptake is also ‘emerging’.
As an example, in June 2021, Broker Insights’ Data Team found that of 115k companies, only 5.3% had a Directors and Officers (D&O) policy in place.
Fast forward to October 2023, a contemporary report analysing a similar sample size of 135k companies has shown that the percentage with a D&O policy has risen to 9.2%, an increase of 74%.
This is a clear example of the maturing opportunity for additional coverage and the increased client understanding of the need for cover.
More opportunities to offer additional coverage
However, while D&O is becoming more broadly accepted, it is not the only opportunity to offer additional coverage to clients.
Further analysis of upsell or cross sell opportunities shows that of the 135k companies in the recent analysis, just 1.96% have a cyber policy in place, presenting a significant opportunity for brokers to promote this important coverage to clients.
Emerging risks remain a key opportunity
The main takeaway here is that additional coverage and emerging risks remain a key opportunity for brokers and insurers.
To discuss how to use Broker Insights Vision™ to maximise these opportunities, contact your Broker Insights Trading Manager directly.
Brokers, insurers and MGAs of all sizes are using Vision to build a better commercial insurance market. Make sure to follow us on LinkedIn and be first to hear Broker Insights platform news.
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