Brokers and MGAs need to think more like E-Commerce brands

The shift within broking to go digital isn’t anything new, particularly for personal and general commercial lines however we are seeing a big shift in digital adoption for more niche business lines – particularly for growth into new territories.

We hear from clients that it’s a real challenge to grow premium in existing or new territories/markets in the traditional way and the last two years have exacerbated the situation.

Brokers and MGA’s that have the appetite to accelerate premium growth are increasingly looking for new ways and channels to maintain margin yet hit their growth targets.

E-Commerce is booming globally – Brokers and MGAs need to adopt the same mindset.

The insurance market generally follows slower than other sectors in terms of digital outreach, but the pace is quickening for those with B2B or B2B2C niche business lines as it’s becoming very clear that early adopting brokers and MGAs are gaining market share fast.

As a client recently commented, ‘If we had started this journey three years ago, we would have market share now’. However there’s still lots of opportunity to achieve premium growth within niche business lines and to gain first mover advantage.

E-Commerce is booming globally for brands in other sectors. Brokers and MGAs that have transactional quoting platforms that provide the user with a complete end to end digital sales journey, need to think like E-Commerce brands and innovate their online channels to influence and drive traffic to convert digitally.

Premium Builder is design exclusively for Brokers and MGAs

The beauty of digital outreach is that the metrics are completely transparent if the right tools are used to provide return on investment reporting, which encourages clients to invest further with lower margins.

To meet the demand from the market, we have created a digital programme designed exclusively for Brokers and MGAs called Premium Builder to support client’s in the shift towards digital outreach and adoption.

We have become the trusted digital partner of ambitious Brokers/MGAs and build long term relationships to support the distribution of premium growth through the online channels.

If you are interested in understanding how we partner with our insurance clients with Premium Builder then book a consultation here

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