Be Wiser Insurance announces positive results

Be-Wiser-reports-financial-results

EBITDA climbs significantly to £2,771k

Planned cost savings on track with 76% of target delivered to date, a reduction of £1,263k compared to prior year

Growth in premium income, policy count and brokerage earnings

“I am delighted with the strong progress made by Be Wiser during the last eight months, and I confident that we will meet our year end forecast for expenditure savings and sustainable income growth” - Mark Bower-Dyke, chairman

Be Wiser Insurance [Be Wiser] has announced positive results for the eight months to end January 2020. According to Chairman Mark Bower-Dyke, the improving performance illustrates the success of Be Wiser’s strategy to streamline the business, boost income through growth, and focus on customer service.

He said: “The improvement in premium income, policy count and brokerage earnings we’ve delivered in the past eight months, and our confidence that we’ll hit our full year forecast for 2020,  demonstrate our successful focus on ensuring our business is agile and efficient and remains a market leader.

“We have made significant advances in technology to future-proof Be Wiser in an industry going through profound technological change.  Our position will enable us to continue delivering our ambitious growth plans in a sustainable way.”

He said a number of areas of focus had contributed to Be Wiser’s improved results:

  • Customer service enhancements, which have increased average conversion and retention rates
  • Creating stronger partnerships with key suppliers
  • Streamlining the business to deliver efficiencies, and reducing overhead expenditure without impacting customer service levels
  • Effective lead generation including new advertising and digital marketing
  • Strengthening the senior management team

He added that Be Wiser remains committed to ensuring customer and employee satisfaction, having last month earned Feefo’s Platinum Trusted Service Award for consistently delivering excellence.

“This has been a challenging period for the business, but our hard work has paid off. I want to pay tribute to my brilliant and hard-working team for their dedication to Be Wiser, and in particular to making sure our customers receive first class service for their insurance needs.”

Market outlook

Commenting on the personal lines market more generally, Mr Bower-Dyke said:

“Data analytics driven by technology has altered the nature of the personal lines insurance radically, and the pace of change is accelerating.

“Already, we can enrich data at point of quote to drive better risk selection, but increasingly we can use data analytics to find behavioural patterns among our customers that we didn’t know existed.

“Broking businesses like ours that embrace this technology and make it work for their customers will be the winners in the 2020s."

The numbers

 

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