A focus on winning larger risks is to be expected in the manually traded market, however, as digital trading continues to expand its product availability and premium parameters, there has never been a better time to create efficiencies by looking at consolidation opportunities for smaller risks.
Broker Insights VisionTM provides a unique view of the market, spanning micro cases through to larger corporate risks. Segmented by policy premium, the majority of risks within Vision fall within the Mid-Market bracket, with case values of between £10,000 and £250,000.
However, the potential for brokers and insurers to widen their focus onto the combined value of smaller risks is significant when looking at the Micro, Small and Medium split, with some insurers digitally trading into the mid-market space.
The combined opportunity presented by smaller risks has a value almost equal to that of mid-market cases:
Balancing the Reliance on e-Trade Systems
e-Trade will remain the logical choice for standard smaller risks as it provides efficiency throughout the distribution chain. However, looking at these risks as a portfolio allows insurers to not only build stronger broker relationships but increase revenue.
Insurers can use the search parameters within Vision to identify sub £10k risks by broker, product or product class, expanding the scope of opportunity across the UK, and unlocking growth with broker partners keen to streamline their placement and move more business to preferred partners. These smaller risks, when aggregated, can add up to substantial profits while diversifying the insurer’s risk exposure.
Facilitating More Aligned and Productive Conversations with Insurers
For brokers, continually reviewing placement strategies to identify opportunities to move smaller risks to partner markets, will help facilitate more aligned and productive conversations with insurers.
The tools within Broker Insights VisionTM allow both brokers and insurers to shift their focus and explore the collective opportunity presented by SME business. Using data to embrace smaller risks, insurers can unlock a host of benefits, including enhanced profitability, increased customer loyalty, and a more diversified portfolio.
In an industry where large cases have traditionally taken centre stage, there is a vast opportunity for insurers that recognise the immense potential of brokers with smaller risks. By refocusing efforts, insurers can attract volumes of the right type of business, achieve a more balanced and profitable portfolio, and build stronger customer relationships. Vision is your platform to identify and activate these opportunities.
About Broker Insights VisionTM
May 2023 marked a significant milestone for Broker Insights, as we unveiled our enhanced platform, Broker Insights VisionTM. It is set to empower brokers like never before, enabling you to make data-driven decisions, accelerate growth, and enhance customer satisfaction.
If you’d like to know more, email enquiries@brokerinsights.com, and follow us on LinkedIn.
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