The size of the insurance market means that the prize for an investor partnering with the right broker is a large one. The British Insurance Brokers Association suggests the 2,000 brokers active in the UK arrange 72% of all general insurance and 93% of commercial cover, driving premiums of more than £60bn a year.
Brokers are therefore a highly attractive proposition for investors – but only if they have the right strategies in place enabling them to take advantage of this highly fragmented and evolving market.
So how can brokers stand out? In an increasingly digital market, providing value on standard policies such as motor insurance, where online price comparison sites now dominate, can seem challenging. However, there are a number of key attributes that can help create a winning proposition.