What brokers look for #1: Rate competitiveness
In the first week of our series, we explore the most important consideration for brokers when choosing an insurance provider to partner with as revealed by our annual schemes market insight survey.
At 83%, rate competitiveness was suggested as the most important consideration. With this in mind we spoke to Rob Witts, our Head of underwriting who offered the following advice:
“It is important to identify and understand your target market” suggests Rob. “By working with your insurer partner, rates can be tailored accordingly giving you the best chance of being competitive in your chosen market segment.”
“As an example, you may approach rate competitiveness by flexing your own commission. If you adjust the selling price for your client, you may win and retain more business. It is also worth considering that very few brokers have the monopoly on specific markets so it is essential to offer competitive rates to help your acquisition activities.”
Interested in learning more? Download our free guide: What brokers look for when selecting a schemes provider, or contact us at firstname.lastname@example.org