BIBA Show Preview Part Two: The Vibe

IE wanted to know what the general outlook is for the broker sector, what new products are working well, how pricing is going and more. Here is a bit of industry feedback.

COMMERCIAL PREMIUMS & VALUATIONS

Alistair Steward, Director at QuestGates commented,
Uplifts in global demand within the construction sector, the multiple and complex logistical impacts of the pandemic, and complications resulting from Brexit all combined to create the perfect storm for the construction industry and its supply chain – the knock-on effect being delays and increased costs. It is estimated that rebuilding works in the UK were 25% higher in 2021 than in the previous year.
Adding to this, 2022 has seen fuel costs and energy bills soar and inflation reach its highest level for more than 30 years. As a result, many are predicting that longer rebuilding lead times and further cost increases are to be expected throughout the year and beyond. This is all conspiring to impact on the validity of sums insured currently in place on many commercial insurance policies. Even if a business has followed the advice of its broker and had a valuation survey a couple of years back, there’s every possibility that the profile of the value at risk has changed.
And the hardening market is likely to see insurers strictly implementing the terms and conditions of any insurance policy.Under-insurance remains a prevalent issue and it is critical that properties are insured properly and accurately. The QuestGates will be at BIBA as we continue to help assist brokers with understanding insurance valuations so they can help their customers avoid the risk of finding themselves underinsured.
TECH TOOLS FOR BROKERS
Rich Tomlinson at Percayso-Inform commented;

Insurance providers face a number of barriers and issues when looking to use quote data to reduce fraud, manipulation and price more effectively. For example, they might be missing crucial data elements that are predictive of fraud, value and risk or it can be difficult to gain a ‘whole market’ view of quotes meaning important quote behaviour is ignored. Unfortunately this means that fraudulent activity can go undetected and unaccounted for, the provider can lose out on valuable client acquisition and retention and ultimately profits suffer.

Over the past couple of years, the team at Percayso Inform have spent a lot of time engaging with our insurance clients and partners to identify the key issues impacting their pricing strategies. We’ve invested significant energy and resource in building our unique Quote Intelligence solution that meets these issues head on and seeks to put the power back in the hands of insurance providers to take the initiative and realise the power of their quote data, no matter how they distribute their products.

We’ll be demonstrating our Quote Intelligence suite at BIBA including our Percayso Evaluate methodology which can help insurance providers build a robust business case and even try before they buy!

DISTRIBUTION

Pat Brice, Distribution Director at CFC offered these insights;

The distribution landscape is rapidly evolving as the world becomes increasingly digitised. Underwriters are using data science and automation to help them make smarter, faster decisions on risk selection and pricing, while brokers and their clients are increasingly demanding a frictionless trading process. This is particularly true when it comes to SME specialty insurance, where the process to obtain and bind a quote can be long and complex. Brokers want a streamlined quote-bind-issue process enabling them to do more business, more quickly, more efficiently and deliver an easier experience for their customers.

CFC is delivering that experience today on our SME cyber product through our smart underwriting platform and global API, making it really simple for brokers and technology partners to integrate with us. We’ve built smart components into our API to gain greater insight into a potential customer’s true risk profile in real time. Algorithms and machine learning validate the inputs and identify anomalies in milliseconds without any human interaction meaning that brokers receive a bindable quote instantly without having to answer numerous complex questions.

We believe this is the future for trading SME specialty risks, and we’re excited about sharing our vision with brokers at BIBA.

NEW OPPORTUNITIES

Markel are keen to look at how brokers can meet future ESG compliance regs, plus they have a new Construction sector product making its debut at the show. Here’s the press update;

“Our aim at BIBA is to continue expanding our engagement with brokers who put their customers first and are interested in pursuing growth opportunities with market-leading solutions.  Visit us on stand B2 to talk to us about our specialist propositions, including: Sustainable PI solutions and how we are continuing to challenge the market, our new construction proposition – launching later this year and Tech solutions that help UK SMEs innovate.”

CONSULTING CAN BE GOOD

Altus Consulting can enable you to effectively transform your business. With deep expertise across the industry from Specialty Markets, covering Lloyd’s and London, through to Commercial and Retail Personal Lines, they are ready to help you successfully navigate through these complex problems and embrace the future. Here’s the word;

“If you want to understand how technology can make your business go faster or how digital can transform it, come meet us at Stand G32 and pick up your copy of leading whitepapers, infographics, and latest research. We will also be conducting live demonstrations of some of the content we provide to our insurance carriers including DigitalBar, our insurance digital ranking and user journey platform.

Mark Andrews, Insurance Director, commented: “Altus are excited to be exhibiting at the prestigious BIBA conference for the first time. We will be bringing a team of insurance domain experts along to immerse themselves in content and conversations – come and have a chat…”

 

About alastair walker 10081 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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