Market Research Logo

The Evolution of Commercial Brokers

The Evolution of Commercial Brokers

Summary

Brokers continue to dominate the commercial insurance market despite competition from several other distribution channels. Previously, using an intermediary was the first point of call for consumers in search of insurance for a commercial entity. However, there is now greater availability of alternative options to obtain the right policy, depending on the type of insurance the client requires.

Synopsis

  • Discover the customer service initiatives brokers think will have an impact on the industry over the coming years.
  • Identify how brokers will develop their business practices in the coming years and how this will affect client engagement.
Reasons To Buy
  • How are brokers interpreting innovation and are they likely to incorporate new customer service initiatives in the near future?
  • Why has innovation been so limited among commercial insurance brokers to date?
  • How are commercial insurance customers looking to develop their relationships with brokers?
  • What is now expected by the modern consumer?
Key Highlights

Despite most areas of finance experiencing significant changes to their business practices over recent years, the insurance industry has remained largely the same as it was at the beginning of the 21st century. Other sectors have sought to make better use of the facilities that are now available, whereas insurance has been slower to adapt.


  • Executive Summary
    • Brokers are not looking to enhance their customer services or devolve more responsibility to the consumer
    • Key findings
    • Critical success factors
  • The Evolution of the Broker Landscape
    • Introduction
      • Brokers expect the internet to have a significant impact on business
    • Brokers and the introduction of electronic business practices
      • Online trading is the most anticipated change in the market
      • The internet provides SME customers with an efficient platform to obtain insurance
      • Super-regional brokers expect to see more electronic interaction with clients
      • Provincials are still advocates of face-to-face communication
  • Customer Service Initiatives and Adoption Rates
    • The obstinate nature of the insurance broking industry is set to remain
      • Brokers are not looking to place more responsibility with their customers
      • Claims tracking and quote/buy systems are not high on the agenda
        • Table Percentage of brokers that have introduced/plan to introduce the ability for clients to obtain quotes from their websites
      • There is very little confidence in taking mid-term adjustments online
      • Call servicing is still a valued quality
  • How Insurance Brokers will Evolve in the Future
    • The evolution of brokers in comparison to other areas of finance
      • Brokers risk being left behind and jeopardizing their dominant status
      • Adding value to the product distribution process is key for brokers
  • Appendix
    • Abbreviations and acronyms
    • Definitions
      • Brokers
      • Direct
      • SME
    • Methodology
      • Verdict Financial's 2015 UK Commercial Broker Survey
    • Bibliography
    • Further reading

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report