Brokerbility announces £65m growth and new members

New brokers and growth from existing members contributed to the £65m growth in Brokerbility’s combined gross written premium (GWP) of £540m this year.

The network also added five new members bringing the total to 35.

Brokerbility managing director Ian Stutz said the growth from new brokers and growth from existing brokers has been achieved organically and through acquisition.

And as the network enters into 2014, it hopes to strengthen its position in certain parts of the UK, particularly in the Scottish region.

Stutz added: “We expect GWP to pass £600m. We will also continue to develop stronger partnerships with key insurers, giving us the platform to deliver the best solutions to our broker base.

“2013 has been our most successful year in terms premium growth and as we enter 2014 our relationships with the key insurers are as strong as they have ever been.  

“We do not set targets and will only increase the membership if we feel the broker exhibits the right behaviour and shares the values laid out in our manifesto.”

Brokerbility recently also acquired 100% of the share capital of Broker Tech from Ecclesiastical, which gives its network members a controlling interest in the technology solutions provider of business traded online.

Chartered broker status

The network currently has 22 chartered brokers with the rest of its members working to achieve Chartered Insurance Broker status by the end of 2014.

“This is in recognition of their commitment to the highest standards of excellence and professionalism in the insurance industry,” Stutz added.

“Being a chartered insurance broker means that customers know they can trust us and that they can count on us to deliver on our promises to them with a superior level of service.”

As a network Stutz said the group’s unique selling point is that all members work together on a collective basis, rather than employing a top-down approach.

Stutz added: “Unlike a consolidator, our group companies are independent. Larger networks tend to advise members one to one.

“A good network should comprise of like-minded brokers who share the same values. 

“At Brokerbility we are focused on working in partnership with insurers to deliver the best solutions for our brokers’ clients. We run a small but highly effective central team.” 

Stutz said Brokerbility has a long-term strategic vision, which is based on strong and sustainable relationships with its insurer partners. 

“This is underpinned by delivering excellent financial returns and loss ratio for insurers. We will maintain the longevity of the group while other players with different models move towards exit or reinvention,” he added.

2014 predictions

Looking forward to 2014 Stutz predicted the rise of data analytics in the commercial sector will have an impact on pricing, bringing with it some sustained price increases in certain sectors.

He added the micro SME will be a major strategic issue for brokers and insurers, while regulatory regime will put smaller brokers under pressure.

He said: “We may see a further consolidation at the small end of the broker market.

“Networks that do not add value to insurers will continue to be put under pressure and may have to revise their business models going forward.”