Empowering Placement Strategies with Broker Insights Vision™

To accelerate business growth, strong placement strategies are essential. Of course, a placement strategy helps commercial insurance brokers to secure coverage for their clients, but importantly, it helps brokers work in partnership with insurers, strengthen those relationships and ultimately grow faster with their key partners.

At Broker Insights, empowering the commercial insurance industry through data-driven decision-making is at the heart of everything we do. Recent updates to the Placement Strategy lens in Vision have strengthened the platform’s unrivalled ability to help brokers inform, set and maximise their placement strategies.

Andrea Wells, Head of Strategic Accounts at Broker Insights, says:

Collaboration between brokers and insurers is key to growing lasting relationships. Broker Insights unique placement strategy tool supports both growth aspirations and efficiency for insurers and brokers.

When brokers set their placement strategy, they can see which risks fall within appetite for each of our partner insurers. This helps brokers to set agendas and actions for meetings, creating a collaborative approach to placement.

Andrea adds:

Vision provides the data to fast-track opportunity identification and support more effective conversations between insurers and brokers. In turn, this saves time in an ever-busy world – it’s what partnerships are about.

This blog outlines how easy it is for brokers to use Vision to set an efficient placement strategy, track progress towards strategies, and how Vision can help brokers to meet growth targets.

Strategy Setting | Any Target Date

Using Vision‘s strategy setting tool, part of the Placement Strategy lens, brokers can explore and set their insurer partner growth targets. Per, partner, brokers can select a GWP target and Vision helps brokers to understand the feasibility of achieving that target, prior to setting the strategy.

What’s more, brokers can select any target date for achieving partner strategy. The system has flexibility to allow the broker to select the desired strategy end date. It doesn’t have to be simply end-of-year targets.

Setting the strategy end date in Vision is easy. Once established, the Renewal Management tool can then be used to distribute the strategy throughout the organisation.

Tracking | See Progress Towards Goals

Once strategies have been set, they can be easily tracked from the Business Overview with a click of a button. Users of Vision can see defined partners and their current progress towards the target per partner.

The Key to Fast-Tracking Growth | Data

Oliver Leyens, Director ad Heath Crawford, says:

Using the strategy setting tool in Vision has assisted us to quantify in-appetite business to a partner insurer. This has helped us to sign a strategic growth deal with t insurer for 2024. Being able to monitor this through the strategy setting is huge.

Vision’s lenses let brokers see, simulate and act on data to shape smarter strategies with confidence. Broker Insights provides an award-winning software platform to help brokers create and execute their placement strategy. For both brokers and insurers, there are numerous benefits of an efficient broker placement strategy:

• Strengthened broker-insurer relationships
• Optimising revenue for both brokers and insurers
• Agency consolidation
• Insurers can prioritise appetite-matched opportunities

If you want to discuss your placement strategy, contact the Broker Insights Trading Team today. To stay up to date with the latest from Broker Insights, follow us on LinkedIn.