What more can insurers and brokers be doing to support each other in the current trading environment? Experts from GRP, Close Brothers Premium Finance, AXA Commercial, Markerstudy, and many others weighed in during a recent ‘Big Question’ interview with IB TV and shared their insights into what more can be done.
From the perspective of Clive Nathan, CEO of GRP Underwriting, the main way insurers and brokers can work better together is through risk management. The market needs to move away from the idea that insurance is just risk transfer, he said, to thinking more broadly about how it can support clients in avoiding potential losses. He believes that brokers and insurers working together on risk management will make “a huge difference” to the industry.
“I think for insurers and brokers, it’s about partnership, it’s about collaboration,” said Jon Walker, CEO of AXA Commercial. “I think there are three key principles that underpin this. One is solving together. Two is acting for the customer. And three is what I would call getting clear and owning it.”
Solving together means recognizing that customers are facing several challenges over the next 12 to 18 months, he said, and understanding that insurers and brokers need to be there to help them solve their problems. That means working closely in collaboration and not looking to blame each other for things that go slightly wrong, but rather working together to spot opportunities.
“I think always putting the customer at the heart of your thinking is a really good place to be because ultimately, that’s what brokers and insurers are here to do, to protect what matters most to customers,” he said. “And I think getting clear and owning is making sure there are no surprises. So again, it’s that communication, be clear with each other what it is you’re trying to do, and work together to deliver those things consistently.”