FullCircl + Acturis + BIBA Connecting the insights brokers need when it matters most

On 31^st January 2024 we held an elite gathering of some of the UK's most influential insurance broking leaders. The setting for this auspicious event was the iconic NED, one of London's most exclusive member clubs.

We brought together experts from across the industry, from large brokers to independent regional firms, to talk about their biggest challenges - from onboarding speed and underwriting accuracy, to underinsurance, risk and fraud reduction, and meeting compliance duties. Not only were they treated to a slap-up lunch, but they also heard from five of the most innovative thinkers in the broking industry.

Kicking things off was our very own Andrew Yates.

A trifecta of digital broking excellence

Andrew talked about how FullCircl + Acturis + BIBA is a trifecta of success - taking the knowledge, guidance, and experience of BIBA, quantifying that into rules and data insights within FullCircl, and then surfacing them to generate meaningful opportunities for growth within Acturis.

The results being:

• More accurate underwriting submissions, and therefore better premiums, terms and outcomes for clients.
• Huge time savings and reduction in manual effort. Leaving brokers free to focus on what they do best - providing advice and service that supports and protects clients.
• Better relationships for both clients and underwriters.
• Improved compliance with the Consumer Duty - connecting insights and actions to deliver positive outcomes that protect clients from financial harm.

This was a great segue into the talk by Swati Chopra, Chief Information and Technology Officer at Partners&.

One version of the truth

Swati talked about why poor-quality data is the enemy of broking success - causing financial loss, operational efficiencies and increased workloads, compliance issues, and difficulties with analysis and reporting.

A key collaborator and the first broker to go live with the FullCircl SmartBroker + Acturis integration, Swati explained how having a single version of the truth, with high-quality reliable data and customer lifecycle intelligence saved them hundreds of hours in just a few months. She highlighted benefits including:

• The ability to efficiently identify and win new customers.
• Performing better due diligence and accelerating onboarding.
• Improved in-life monitoring for better renewal rates.

Responding to industry shifts

A real highlight of the event was hearing from Acturis CEO Tony Goddard. His insights into the current and future trends of the industry were truly enlightening.

Speaking about his experience of the event, Tony said "The event was a great opportunity to network and discuss the real business value of the Acturis + FullCircl integration with our customers."

Tony highlighted how FullCircl + Acturis, two of the most recognisable technology partners within the insurance sector are helping brokers forge a new path in the digital era by revolutionising growth & client retention strategies. Formed in response to industry shifts, and built in collaboration with brokers, the partnership is helping brokers Identify & Acquire, Verify & Onboard, and Retain & Grow clients and prospects - ultimately connecting the insights they need, when it matters most.

Managing risk for growth and economic security

The luncheon was held just days after BIBA launched its 2024 manifesto 'Managing risk for growth and economic security'. We were therefore delighted that BIBA CEO Graeme Trudgill was able to join us.

As well as discussing his first few months as CEO, including a day one call from Michael Gove on the controversial subject of broker commission, Graeme talked about BIBA's recent research indicating that insurance broker regulation, particularly the Consumer Duty, has placed a disproportionate burden on the industry.

He also talked about tools such as SmartBroker are highly effective when it comes to assisting brokers to drive increased efficiency and reduced regulatory costs, which in turns creates more opportunities for growth.

Finally, we heard from David Sparkes, Regulation Director at BIBA.

A war cry

David ended the lunch with call to arms for brokers to push back when it comes to disproportionate regulatory demands. Explaining why, in its manifesto, BIBA has called for effective scrutiny of the FCA's growth and competitiveness objectives, as well as the scope of the Consumer Duty, he reaffirmed the themes of the day, and why connecting insights is vital if brokers are to continue to grow and flourish in the UK.

It's a game changer

If you'd like to learn more about FullCircl + Acturis + BIBA, then why not book a personal demo? Experience SmartBroker's capabilities first hand and explore how we can help you identify & acquire the right customers, verify & onboard them faster (while also assisting with Consumer Duty requirements), and retain and grow your existing portfolio whilst maximising revenue.

Want to join our next lunch?

Our invitation only lunch series is very popular but we're always keen to welcome new faces. If you're interested in joining the discussion, get in touch with us today.