Identify Opportunities to Move Insurance Policies and Increase Your Bottom Line

When a commercial insurance broker has a clear placement strategy and a plan to move more business to preferred markets, both the broker and their clients can benefit.

At Broker Insights, it is now even easier to identify opportunities to move insurance policies. By providing more data analytics and market insight, brokers can better understand how to realign their commercial book of business.

See how to identify opportunities to move insurance policies:

Using Broker Insights Vision^TM Placement Management Lens, brokers have a visual representation of their commercial book of business. So, when it comes to renewal management, brokers have access to all the data they need to revise and update their placement strategy.

New Data Report available in Broker Insights Vision^TM:

Using Filters in Vision, brokers can select from several options, including held insurer, and use the new Download CSV option to download a one-page summary of market opportunities for upcoming renewals. This new data report provides an indication of what’s in appetite and in strategy, enabling brokers to pinpoint opportunities with partner insurers. This output list of renewals helps brokers to achieve the business’ goals. Using Advanced Filters, brokers can show agencies with under 5 policies to futher support their agency realignment activities.

Why it’s beneficial to move insurance policies to preferred markets:

Placing more business with preferred markets can streamline communications with insurers, make admin processes easier, improve efficiency, and lead to cost savings. What’s more, when brokers reduce the number of agencies they manage, it reduces compliance requirements and TOBA management, and can make it easier to meet regulatory obligations. While there isn’t specific guidance from the FCA regarding the number of agencies a firm can have, the regulator will expect to see appropriate systems in place, and overseeing a large agency base could cause concern.

Increase your bottom line:

At Broker Insights, we’ve previously shared the benefits of placing more business in fewer markets. We encourage our broker partners to conduct regular placement strategy reviews via Vision, to explore opportunities to consolidate agency holdings and benefit from placing business in fewer markets and grow their business. After all, A Poor Placement Strategy Leaves a Trail.

Insurers can prioritise appetite-matched opportunities:

Time is a precious commodity and as a result or our appetite matching efficiency delivered via MatchPoints^TM, insurers can more easily allocate in appetite enquiries to the right underwriter resulting in having the right people focused on the right risks helping to enhance not only service and strengthen broker relationships but enable profitable growth.

Broker Insights Vision^TM Software:

With Broker Insights Vision^TM, commercial insurance brokers can build their placement strategy, identify in-appetite placement matches and connect with our partner insurers. If you’re keen to learn about other features, you can find out more by reading some of our latest blog posts:

• Business Overview
• Placement Strategy
• Renewal Management
• Strategy Setting

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