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Future of insurance distribution

Insurance quotes are as clear as mud: The industry is failing to delivery on promises to explain quotes

Radical transparency: How insurtechs are capturing marketing share by sharing pricing logic with customers  We all know how it works. You want to insure your car. You request a few quotes. And then spend the next hour marvelling at the apparent randomness of it. For this article, we asked GoCompare.com for a quote for a Peugeot 307, with a full no-claims bonus. Identical details were used for all insurers and twenty quotes were returned. Prices ranged from £219 at Aviva, £712 from the RAC, and the top quote was an eye-watering £1,409 from Acorn. That last quote does not even

Why cross-selling is the key to success as brokers go digital

Why cross-selling is the key to success as brokers go digital

Cross-selling will only become more important for brokers in the future. And it’s the brokers who learn to cross-sell that will thrive The world of insurance broking is constantly changing. Over the last 10 years, we have seen the emergence of new technologies which have reshaped the sector and kept brokers on their toes. It is important to stay abreast of technological advances because while the industry has indeed changed, insurance distribution is still ripe for disruption – and disruption is coming. We’re currently seeing a number of different types of brokers in the market. These include businesses selling high-volume

Read More
price comparison websites

Brokers warn of dangers of underinsurance as comparison sites gain traction in commercial lines  

After years of speculation about what it would look like and when it would happen, Amazon announced its much-anticipated insurance offering in October 2022. And, since rumours of a potential Amazon aggregator have circulated since 2018, it did not come as a surprise to anyone in the insurance sector that the tech giant was launching a price comparison website (PCW).  However, the move did reignite the discussion about how PCWs have impacted the broker market and how they will continue to do so in the future. Aggregators have been around for many years now, and experts in the sector noted

Read More
appointed representatives

Appointed representatives are the engine of insurance growth for the future

The broker market is constantly changing, but perhaps not in the way most people think. We often hear worrying reports of the diminishing number of brokers, but with more and more people picking the Appointed Representative model, I believe we are in for some exciting shifts in the market soon. And it will be interesting to see if a return to the high street is on the horizon as more brokers are set up to serve their local communities and diversify into cross-selling financial services products.  A topic that has constantly been on people’s minds over the last few years

Read More

The future of insurance distribution in 2023 and beyond

Brokers are facing insurance distribution challenges that are set to reshape the insurance sector for good Experts have predicted that the cost-of-living crisis, regulation, consolidation, emerging technologies and changing customer demands are among the factors which will drive change in 2023. But brokers also have the opportunity to prove their value in the distribution chain. Cost-of-living crisis With most people tightening their belts, it is no surprise that the insurance sector is feeling the impact of the cost-of-living crisis. Steve White, chief executive of the British Insurance Brokers’ Association (BIBA), said the trade body had seen “worrying trends”, with brokers

Read More

Insurance broker: The benefits of being an Appointed Representative

By Gemma Jarrett, Network Director Starting out as a business owner in financial services and insurance can be a challenge, not least because of the significant burden regulatory authorisation required by the Financial Conduct Authority (FCA) can be. But being an Appointed Representative can help alleviate some of that burden, allowing you to trade without having to find resource, time and money that you don’t have to become directly authorised by the FCA. Here’s how it works.  What exactly is an Appointed Representative in insurance? At the simplest level, in insurance, an Appointed Representative is an entity or company linked

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Understanding the risks posed by demographic changes to the Life Insurance industry

by Jeanne Elizabeth Daniel, Data Scientist, Stubben Edge Today, there is 1 person over the age of 65 for every 3 people of working age in the United Kingdom. By 2050, this ratio is expected to shift to 1 person for roughly every 2 people of working age. This forecast is based on currently observed declining fertility rates, a slow-down in increases in life expectancy over the past decade, and assumptions on future net migration, all made by the Office of National Statistics (ONS).    An ageing population poses several challenges to society, as well as the life insurance industry. Life

Read More
Why cross-selling is the key to success as brokers go digital

Why cross-selling is the key to success as brokers go digital

Cross-selling will only become more important for brokers in the future. And it’s the brokers who learn to cross-sell that will thrive The world of insurance broking is constantly changing. Over the last 10 years, we have seen the emergence of new technologies which have reshaped the sector and kept brokers on their toes. It is important to stay abreast of technological advances because while the industry has indeed changed, insurance distribution is still ripe for disruption – and disruption is coming. We’re currently seeing a number of different types of brokers in the market. These include businesses selling high-volume

Read More
price comparison websites

Brokers warn of dangers of underinsurance as comparison sites gain traction in commercial lines  

After years of speculation about what it would look like and when it would happen, Amazon announced its much-anticipated insurance offering in October 2022. And, since rumours of a potential Amazon aggregator have circulated since 2018, it did not come as a surprise to anyone in the insurance sector that the tech giant was launching a price comparison website (PCW).  However, the move did reignite the discussion about how PCWs have impacted the broker market and how they will continue to do so in the future. Aggregators have been around for many years now, and experts in the sector noted

Read More
appointed representatives

Appointed representatives are the engine of insurance growth for the future

The broker market is constantly changing, but perhaps not in the way most people think. We often hear worrying reports of the diminishing number of brokers, but with more and more people picking the Appointed Representative model, I believe we are in for some exciting shifts in the market soon. And it will be interesting to see if a return to the high street is on the horizon as more brokers are set up to serve their local communities and diversify into cross-selling financial services products.  A topic that has constantly been on people’s minds over the last few years

Read More

The future of insurance distribution in 2023 and beyond

Brokers are facing insurance distribution challenges that are set to reshape the insurance sector for good Experts have predicted that the cost-of-living crisis, regulation, consolidation, emerging technologies and changing customer demands are among the factors which will drive change in 2023. But brokers also have the opportunity to prove their value in the distribution chain. Cost-of-living crisis With most people tightening their belts, it is no surprise that the insurance sector is feeling the impact of the cost-of-living crisis. Steve White, chief executive of the British Insurance Brokers’ Association (BIBA), said the trade body had seen “worrying trends”, with brokers

Read More

Insurance broker: The benefits of being an Appointed Representative

By Gemma Jarrett, Network Director Starting out as a business owner in financial services and insurance can be a challenge, not least because of the significant burden regulatory authorisation required by the Financial Conduct Authority (FCA) can be. But being an Appointed Representative can help alleviate some of that burden, allowing you to trade without having to find resource, time and money that you don’t have to become directly authorised by the FCA. Here’s how it works.  What exactly is an Appointed Representative in insurance? At the simplest level, in insurance, an Appointed Representative is an entity or company linked

Read More

Understanding the risks posed by demographic changes to the Life Insurance industry

by Jeanne Elizabeth Daniel, Data Scientist, Stubben Edge Today, there is 1 person over the age of 65 for every 3 people of working age in the United Kingdom. By 2050, this ratio is expected to shift to 1 person for roughly every 2 people of working age. This forecast is based on currently observed declining fertility rates, a slow-down in increases in life expectancy over the past decade, and assumptions on future net migration, all made by the Office of National Statistics (ONS).    An ageing population poses several challenges to society, as well as the life insurance industry. Life

Read More

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