We don’t have a crystal ball to predict the upcoming challenges and opportunities of 2023. Nevertheless, there are some predictions we can make with a reasonable degree of certainty…
In this article, we have gathered the views of a few members of our team regarding the key considerations for the coming year and how Broker Insights will help both brokers and insurers get 2023 off to a flying start:
Chase less, place more
Service remains a concern across the industry, with insurers being inundated with out-of-appetite presentations and brokers wasting time chasing up non-productive avenues. This mis-match contributes towards high decline rates and non-responses and is the source of much of the inefficiency and frustration within the market.
There is a better way…
Those utilising Broker Insights are able to target presentations towards insurer partners with an appetite for each risk. Once presentations have been issued, brokers can prioritise follow-ups with insurers who have stated an appetite for the risk, leading to far more productive conversations.
As we look ahead to 2023, a concerted effort can unlock the benefits of better targeted engagement, which include, but are not limited to, stronger relationships, less waste, increased client outcomes and more profitable business.
Head of Trading, Alun McGeoghegan
Clear foresight from better insights
A new year brings new renewed focus on our goals, both professional and personal. However, the path to achieving those goals is often unclear.
The industry is at risk of over-using the word ‘data’ as a solution for practically every business challenge or objective. In truth, it’s the insights drawn from data that are the key.
At Broker Insights, we provide a market-leading Management Information Suite containing tools for both insurers and brokers to help capture insights from data. These insights can be used to build pipelines of opportunities and a clear roadmap for future commercial performance.
By using insights drawn from data to provide a long-term view, businesses also have the chance to identify and address challenges on the horizon at an early stage, such as resource allocation and pipeline shortfalls.
Head of Strategic Account Management, Martin Banks
The adage, ‘your most profitable customers are the ones you already have’ is applicable to every industry, none more so than commercial insurance.
Analysis of policy data shows that the core platform contains renewal information relating to 380k clients and over 550k policies. This equals a ‘policy-per-customer’ ratio of 1.5, or in real world terms, only half of all commercial clients have more than one policy.
For brokers, the encouragement is to consider opportunities to upsell policies to existing clients, where possible with the support of insurer partners, many of whom have suitable product options.
Head of Data and Operations, Andy Whiteley
Efficient and Productive Relationships
Broker Insights can help to both nurture new relationships or strengthen existing ones.
By using data to forge a connection, the platform’s workflows create a far more efficient and effective method to connect directly over in-appetite risks. Once engaged, dialogue can be more focused, which subsequently strengthens relationships and can boost growth.
Put simply, better data capabilities increase workflow efficiency. By automating manual processes, managing time and resources more effectively, and intelligently match-making renewal opportunities with markets, the platform serves to remove wasted efforts, improve efficiency and positively influence profitability.
Chief Commercial Officer, Alan Sanderson
Whatever your goals for 2023, Broker Insights is ready to continue supporting your business. Let your Trading/Account Manager know if there’s anything we can help you with further in the new year.
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