About Broker Insights
Broker Insights helps connect regional brokers with major insurers, matching the right products at the right time with the right customers through a new search database platform. The concept was inspired by a recognised market need for greater insurer distribution reach and a more equal distribution of insurer account management and resource across the UK broker market.
Our aim is to equal the playing field for regional brokers by providing access to major insurers. Brokers are incentivised to join with financial rewards, and our insurer partners pay for access. We are not a network and we are not a software house, we are a platform which enables more efficient and effective interactions between insurers and brokers through data analytics. The technology platform we have developed is underpinned by a large searchable database that enables insurers to find relevant customer risks and proactively approach brokers for the business.
- Free access to the platform and support
- More money on the bottom line from broker rewards
- Better access to major insurers who are proactive in their approach
- Highly relevant products and less risk of under-insurance
- Client insight reporting that highlight areas for growth, cross-selling and risk mitigation
- A whole market view for the first time ever
- High performance teams, visibility of activity and better commercial planning
Broker Insights helping brokers to unlock value in their data
"The data held by insurance brokers is one of the most valuable assets they 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 insurance 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.
They are bringing the benefits that auto-trader gave the motor industry to insurance. Their 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 insurTech’s 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.
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