Technology & Innovation Awards finalist 2020 Q&A: Broker Insights sees partnerships soaring despite Covid-19 pandemic

Here we feature Broker Insights entry into Technology Partner of the Year

Broker Insights entered its partnership proposition with insurers and brokers

What key achievement did your entry highlight?

In 20 months since launching the platform, we have built strong insurer partnerships with the likes of AXA, Zurich, Hiscox, QBE, NIG, Ecclesiastical, RSA and others. At the same time, we have signed up over 230 broker offices who manage and place c£550m of commercial GWP on behalf of their customers.

During Covid-19 and lockdown, we have continued to add c8 brokers and c£30m commercial gross written premium per month to the platform. We have also seen usage of the platform from our c1000 active users increase by over 70% in the last four months.

This growth and adoption are testament to the demand for our proposition.

Through our partnership approach, we developed a ‘note of interest’ function within the platform that allows insurers to express interest in specific broker customer risks through the platform to broker handlers based on their risk searching work within the platform.

This is supporting brokers to quickly understand insurer partners who are interested in writing certain customer risks from their ‘note of interest’ activity much more efficiently.

Can you share data or testimonials to back up your bid to win?

“A fantastic platform run by great people. Broker Insights offers a big step forward into what trading can be like when the power of technology supports it” Isha Patel, area director - South, Hiscox

“Broker Insights is a no-brainer for all Independent Insurance Brokers. It provides real focus to our meetings with their Insurer Partners - saving time on new business discussions. It gives us time to focus on building the relationship with Insurers that want to work with us based on our business. It’s not a question of why you should get on-board, more a question of why you wouldn’t?” Mike Connor, AIB

“The Broker Insights platform helps build on existing broker relationships. We have a greater understanding of their business and opportunities, which is shaping more timely and productive conversations with the account execs in these offices. Not only does the platform help us win existing broker clients - it puts us in the spotlight for their new business opportunities too,” Sophie Snook, Zurich

What sets your firm apart from the other shortlisted contenders?

Broker Insights is a relationship-enhancing business facilitating better connections between brokers and insurers through the application of data and technology. We are modernising a traditional market while respecting and complimenting insurers and brokers roles in the commercial insurance distribution chain.

From the moment we launched the platform, we have continued to work closely with our partner insurers and brokers to deliver new features, functionality, and a better user experience.

We have done this by having a shared vision and roadmap for the platform’s evolution coupled with lots of user engagement - tracking agreed success criteria, supported by training and regular communications which are all delivered by our dedicated customer.

Read more…Insurtechs navigating the pandemic amid shifting consumer behaviour - stick or pivoted?

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