New research conducted on behalf of Insurance Post has revealed that despite the crucial role of seamless onboarding journeys and the significance of data, brokers still express doubts about fully trusting their own data.
Furthermore, the research revealed that some of the top commercial insurance trends we can expect over the next twelve months include more price sensitivity, decreased underwriting appetite, less client appetite to purchase additional products, increased fraud, and a need to deliver more tailored solutions to clients. This is all set against a prolonged hard market backdrop, rising underinsurance, and a cost-of-living crisis.
When it comes to generating new business and onboarding clients, brokers are facing multiple challenges including time pressure, sourcing relevant data to assess risk profiles and meet regulatory requirements, catching fraudulent activity early, and validating companies and directors.
So how can brokers use data to overcome market challenges, and create seamless onboarding and renewal journeys for their customers in the commercial insurance sector? And be confident that the data is accurate?
FullCircl x BIBA: Unlock the True Value of Company Data
In August BIBA and FullCircl launched an exclusive SmartBroker facility for members. SmartBroker brings together super-connected and enriched data and insight on companies, and their officers, to help brokers prospect with precision, deliver tailored outreach at scale, provide better underwriting submissions, increase client retention, and cultivate existing books of business efficiently and cost-effectively.
Want to know more?
The exclusive member webinar you don’t want to miss
On 5th October BIBA and FullCircl will be hosting an exclusive member webinar, on how brokers can harness the power of company data. In this session you’ll learn how to:
- Pinpoint potential areas of client/prospect exposure
- Match and tailor products to meet demands and needs
- Identify underinsurance risks and coverage gaps
- Deliver proactive data-driven outreach strategies and transparent, informed advice
- Unlock data-driven insights to deepen customer understanding and meet Consumer Duty requirements
- Understand financial reporting fundamentals
Register now to secure your place. All attendees will also receive CII accredited CPD points.