Small brokers are thriving, says Broker Network

Small, regional brokers are growing organically and thriving in today’s market, claims Broker Network.

The Network has revealed that its premier members, which collectively represent over £500m GWP, are growing by 13%.

What is more, Broker Network says this is against a backdrop of relatively flat market pricing, based on figures from the Acturis Premium Index Q1-Q3 2017.

Commenting on the recent data, Andy Fairchild, Broker Network’s chief executive said: “I’ve heard the ‘death of the independent broker’ proclaimed many times, but I firmly believe that small and mid-sized brokers are not only alive and kicking, but winning and thriving in today’s market. Networks play an important role in enabling brokers to collaborate and share best practice, whilst also challenging their business models and providing products and services which they would be unable to access on their own.”

He added: “Over the past year, we have unashamedly pursued a growth agenda for our members led by Richard Pitt. This includes our ground-breaking Organic Growth Programme, our award-winning in-house Marketing Consultancy and our newly-formed strategic insurer panel; all supported by our extensive Business Development team. We are delighted that this effort has delivered these results for our members.”

Broker Network also revealed the results of its annual Member Satisfaction Survey, which has for the first time recorded a ‘world-class’ Net Promoter Score of +60. This is up 63 points from its -3 score in 2012 and significantly above the B2B average of 25 and 33.