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Strategy Setting Tool Drives Insurer Partner Growth

Strategy Setting Tool Drives Insurer Partner Growth

In 2023, Broker Insights launched the Partner Strategy Setting tool within our award-winning Broker Insights VisionTM platform. This new tool provides a hassle-free approach for commercial insurance brokers to explore the feasibility of changes to their placement strategy and highlights commercial benefits of increasing business placed with preferred partners over a defined period.

Analysis of the strategies set to date shows an average target increase per insurer of 63.53%, as brokers use the Partner Strategy Setting tool to identify opportunities within their held book that could be moved to insurer partners.

Commenting on the analysis, Head of Trading, Steve Coles, is encouraged by the findings of the analysis and the wider benefits of broker and insurer relationships, which Steve believes represents a clear example of technology-driven processes and traditional professional practices coming together:

This is a clear indication that brokers are looking to significantly increase their current book with key partners, and Vision provides unmatched tools to help them manage it.

By setting a strategy, the broker is affirming their desire to grow with insurers. Vision will take this input from the broker and transfer it into actions within the platform that help make this desire a reality.

Likewise, we are seeing forward-thinking insurers work closely with brokers to ensure that their relationships are central to the strategic planning process, which once set, are filtered out across the broker’s business.

What these findings highlight is the enthusiasm of brokers to use this new tool to move business to their preferred partners, driven by Vision’s ability to highlight suitable opportunities and determine the feasibility of each strategic adjustment.

Strategy Setting in Vision is Easy

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

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

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