FEATURES Do new branches REALLY make a difference to broker-insurer/MGA trading?
Writer: Ida Axling Contact Details: idaaxling@gmail.com
Deadline: 13 June, 2024
Word count: 1,500 In the past month both Dual and Aviva have told Insurance Age they will be opening new branches.
Dual UK CEO explained Dual will be opening two offices in the UK within a year, aiming for 12 to 15 staff to build the commercial proposition, with more to come in the following years. It is already “scouting” out locations. https://www.insuranceage.co.uk/insight/7954833/interview-simon-mcginn-on-duals-regional-ground-up-build-for-brokers Meanwhile, David Martin, managing director of UKGI distribution & SME followed through on his promise last year with the insurer announcing new branches in Chelmsford and Southampton.
https://www.insuranceage.co.uk/insight/7953809/aviva-targeting-two-new-broker-branches-in-2024https://www.insuranceage.co.uk/insight/7954828/aviva-to-open-branches-in-chelmsford-and-southampton Against this backdrop Insurance Age plans to canvas opinions from insurers and brokers to find out:
- What do brokers need and expect from a branch office to make it a successful hub rather than a flag on a map?
- In terms of staff/functions what makes the ideal branch office from underwriting authority to claims expertise to staff numbers?
- How far are brokers prepared to travel to meet an insurer at a branch?
- How has an expectation from staff about working from home flexibility impacted the ability for insurers to open and staff branches?
- Location-wise within a town or city, what makes a good address for both insurers in terms of recruitment/retention and brokers for ease of access?
- How do insurers decide where to open branches; and what research is done in advance?
- Where are the most notable gaps in terms of under-served UK regional markets in terms of broker to insurer branch ratio?
- Is there a definitive ideal number of branches for an insurers? Does it depend on risk appetite? And has broker consolidation made some areas more attractive than others? Fleet – what’s behind the record-breaking premiums?
Writer: Emmanuel Kenning Contact details: emmanuel.kenning@infopro-digital.com
Deadline: 23 May, 2024
Wordcount: 1,500 Figures released to Insurance Age by Acturis have shown fleet insurance bucking the trend on premium increases.
Whereas almost all other lines have seen hardening falling away fleet has surged on. In the first quarter of 2024 average premiums were up by 7.9% year-on-year, the highest quarterly rise on record.
And yet it comes at a time when personal motor premiums have started to fall, by 5% in Q1 according to Confused/WTW, the first reduction in over two years. The value of the uplifted average fleet premiums could have been driven by rate hikes, expanded risks sizes or a combination of both. Insurance Age will ask experts: The sector has been tracking upwards since Q3 2022 at ever faster rates – how much further could it go?
• What has driven the rises – especially given inflation, rising import prices, higher parts, paint and labour costs have all been blamed in personal motor but are now receding?
• Is it because claims levels are worsening and if so what is being done to counter it, particularly through the use of technology?
• Are any sectors, e.g. haulage, particularly hard hit or is it across the board, including fleets with good claims track records?
• Are fleets growing in size? Are other factors changing the risk profiles?
• What has happened to insurer appetite, have brokers seen partners leave the market?
• What terms and conditions changes have been imposed by those providers staying the course?
• Is insurer service being maintained and how are brokers managing client relationships in this period of upheaval? Participants will also be invited to share their experiences on whether there has been an increase in ‘green fleet’ vehicles – perhaps due to legal changes such as Ulez, or from environmentally conscious customers. Does this bring extra issues for repair times and supplying courtesy like-for-like replacement vehicles? | 