Thought we would round up a few snippets of feedback from the opening day at BIBA 2022;
CLOSE UP POINT OF VIEW
Chatting with Sean Kemple from Close Brothers IE learned several interesting things, one of which was that each year Close Bros can take a snapshot of its 3 million customers and produce some 64 separate reports on valuations, cancellations, finance terms etc. As Sean noted, you have to edit that into some kind of useful format for brokers, turn it into news you can use for brokers. Which is exactly what Close Brothers do by the way, because they know your time is best spent digesting the good stuff.
Anther fact worth knowing;
The chip shortage and waiting lists on new cars have pushed values for used models up dramatically. However, demand for specific models, by year, mileage and spec, can vary hugely. Close Brothers can feed you that info.
Here’s another little gem from Sean; “Brokers need a 360 view on data now more than ever, take things like cancellations; you could have a Commercial or property client and they have cancelled a couple of times on vehicles, or change use from Business to Social Only. It alters the risk profile and you can only price accurately if you have all the risk factors.”
THE MGA FACTOR
Let’s talk MGAs with Danny Maleary at Pro Global.
“What we are seeing now is more partnerships between us as MGAs, regional or specialist brokers and the insurers. You know brokers are entrepreneurial and they want to get all the right components in place, and then sell that to the consumer in a partcular way. What we are concentrating on now is building a package, a suite if you like, that works for everyone in that chain, all the way to the consumer who is probably shopping online now after the pandemic. The pace of change in the last two years has been a challenge but there’s a positive feeling here at BIBA, which is great to see.”
Indeed the mood today at BIBA was very positive. James York from Peece tweeted; “We have hit our two day target for demos and leads by lunch on Day 1. Great atmosphere, something is in the air, the sector is alive.”
The Wiser Academy reported a warm welcome to its initiative to enhance training and skills within the industry. `There’s definitely an understanding that insurance can be a career path now, not just a call centre or admin type of job. Tech ha opened up so many new roles in the last few years too, which means people can move up the ladder faster.’
QUOTEZONE ON TOUR
The QuoteZone crew were in good spirits on their stand, having plenty of conversations. CEO Greg Wilson told IE the best thing about BIBA is the readiness people have to do business here.
“I think people come to the show in the right frame of mind. It’s great to have Zoom calls of course, but you can’t beat a face-to-face meeting. I’d say day one has been really positive for us and I wish we could stay in Manchester a few more days.”
BROKER TOOL KIT
Chatting with Martyn Mathews from LexisNexis IE learned a couple of things, one a houndstooth check suit definitely gets the thumbs up from the BIBA crowd. Secondly, brokers can use the new Quote Manipulation tool kit to cross reference other risk factors, at the point of quote or renewal.
So how does that work? OK, let’s say you see a pattern of policies being cancelled or amended in terms of cover. That’s one risk factor, but then slide in another of the top three linked factors from your own database and overlay that data. Now you can see which customers not only cancel, but add or delete named drivers, change a light van from Goods in Transit to regular Business cover etc. The brilliant thing is, you’re cross referencing data like a crossword puzzle, and when all the letters are in the right order, you get the word.
On that bombsell, IE says, word up until tomorrow. Have a great night in Manchester.