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 named top 25 InsurTech Impact firm by Oxbow Partners
Broker Insights were delighted to be ranked by Oxbow Partners in its InsurTech Impact 25 2019 report, revealing the 25 technology led businesses it believes to be well positioned to have a major impact on the European insurance industry.
The report, now in its second year, includes detailed profiles of the 25 Member companies addressing the question industry leaders are all asking: “Which InsurTechs can add value to my company?” Also covered in the report is a thorough analysis of InsurTech trends along with hypotheses about their impact on (re)insurers and brokers, as well as a review of the progress made by last year’s Members.
Impact 25 Members were selected by Oxbow Partners based on an assessment of the impact and sustainability of their strategy, execution capabilities and existing traction.
Oxbow Partners commented “Broker Insights will facilitate an inflection from a world where brokers place accounts, to one where insurers come and get them. It will require insurers to make some changes in the way they approach the market – big prizes for those who adapt, and risks of anti-selection and portfolio contradiction for those who do not.”
Oxbow Partners chairman Stuart Davies said: “This year we have selected 25 InsurTechs that we think are worthy of senior executives’ attention. We included a broad range, including a programmatic auction platform for reinsurance placement, a gamified B2B2C life insurance platform and a German ‘full stack’ health insurer.”
The report highlights examples of collaboration with the traditional insurance market, including data and analytics for risk selection and pricing, specialist insurance systems for certain products or channels, and claims.
The 25 selected firms are more heavily weighted to distribution InsurTechs than last year. Another significant development is a shift towards commercial lines.
Chris Sandilands, a partner at Oxbow Partners and the report’s lead author, said: “InsurTech is continuing to evolve. We’re seeing some business models such as pricing analytics mature, and some really interesting propositions targeting personal lines and SME emerge. We’re happy that hype around possible disruption has calmed over the last year, and that leading insurers and brokers are now taking a considered approach to the opportunities InsurTech offers them.”
Investment in InsurTech held up in 2018 but there are signs that investors are increasingly focused on larger, later stage investments, says the report.
Davies warns: “This could favour insurTech’s in the US, where investor pockets are traditionally deeper. European insurers might find that InsurTech quickly moves from being a universe of early stage experimenters to a group of aggressive, US tech companies attacking their markets. Lemonade has already announced its plan to enter Europe in 2019. Insurers must be prepared.”
The success of last year’s 25 Members underlines the rigorous nature of the Impact 25 selection process, adds Davies. “We are delighted to see that all of last year’s Impact 25 Members had a great year – testament to our robust selection process which is also central to our InsurTech advisory work, one of the themes in our insurance strategy and operations practices. As we said last year, there are no prizes for insurers or brokers who are active in InsurTech but select the wrong partners.”
Broker Insights are keen to hear from insurance brokers. If you would like to contact them CLICK HERE, leave a short message and youTalk-insurance will pass your enquiry on
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