Two early broker supporters of Broker Insights outline its market-leading opportunity to help brokers maximise the potential of their valuable data.
“As brokers, the data we hold is one of the most valuable assets we have and needs to be used to maximise its business potential. Broker Insights provides a unique market leading opportunity to achieve this.”
Mark Bennett, CEO of Bennett Christmas Insurance Brokers, recognises the power held in data and its potential to transform the end customer experience as well as business interactions in the industry. An investor in innovation, Bennett Christmas have a complete customer-led approach to business and hence were among the first supporters of the Broker Insights data-based business ethos.
Broker Insights are a group of distribution leaders from the insurance world combined with tech entrepreneurs that have built a searchable database platform, underpinned by unique algorithms, to help regional brokers get more attention from major insurers. This means brokers get more choice and the right policies for their clients with a proactive and planned approach to business from the insurer.
We’re trying to bring the benefits that auto-trader gave the motor industry to insurance. Our aim is to get the right product to the right customer at the right time by encouraging new relationships and better ways of collaborating.
Iain Crole, EVP of Broker Insights asks, “What’s your impression of insurtechs and have you seen any really good examples of technology being specifically designed to solve an existing market problem and benefit the end customer?
“Throughout 25 years in commercial insurance I’ve watched new technology go to market, then look for a problem to solve. Hence why, when we started this venture, we were absolutely clear that the technology had to solve a problem, add value and connect people. We’re a relationship-based industry and the foundations of Broker Insights is built on helping to enhance this.”
Another early adopter embracing innovation for the benefit of their clients is Calcluth & Sangster Insurance Brokers. Here Director Stuart McGregor explains why they are future-proofing their business;
“When Calcluth & Sangster (Insurance Brokers) Ltd were introduced to Broker Insights we immediately could see the benefit, mainly for our Commercial Clients, and how they would get the best deal for their Insurance not only regarding price, but also the best product for Client and Insurer. The concept that Broker Insights are delivering is innovative in that Insurers proactively contact us regarding the Commercial Clients they actually want to quote for. This approach is a big difference to us sending all client details to Insurers, that most Insurers will never even look at.
We feel that with the new Broker Insights concept, our Clients will benefit from more Insurers being keen to insure them. It will save us, as the Broker, time and money from marketing and also has the benefit of giving us detailed data on where our clients are placed. Many Brokers would happily pay for the data breakdown that we now receive as a complimentary service of Broker Insights.”
Iain Crole continues, “Another observation is the dissatisfaction among regional brokers, possibly up to 80% of that market, who don’t get the attention or choice they deserve because of the challenges in distribution.
“You can see how this could get frustrating, especially over the last few years as distribution models in other industries have been improved for greater efficiency. The industries that have seen smart solutions pop up to solve distribution challenges continue to innovate, evolve and thrive for the benefit of the entire chain, especially the end customer. Of course, I’m talking about the Skyscanner and Airbnb’s of the world.
“It’s about time commercial insurance caught up, and that’s what we’re trying to help the industry do. Modernise and thrive.
“We’ve been overwhelmed with the positive response from people, commenting that this simple concept – insurers proactively searching for and finding business with regional brokers – has the potential to transform an industry. With our first group of major Insurer Partners either now signed or inches away from the dotted line, we’re gearing up for launch in the forthcoming weeks.”
Contact our team to understand how we are helping brokers across the country get more from their data.