FullCircl Celebrates 12 Months of Broker Success

In August 2023 we launched our exclusive SmartBroker facility for BIBA members. Just two months later we announced the integration of SmartBroker into the Acturis platform to deliver an even richer, more contextualised, and super connected data solution.

The facility and integration attracted a lot of attention, with BIBA hailing it as one of their most successful launches ever.

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

A year on, it seems like a good opportunity to evaluate the success of this venture, and the difference it’s making to the broker community in the UK. Let’s break down the number

FullCircl broker success by numbers

• 20 BIBA members have been onboarded to the facility, most of which are operating with an engagement score of over 70.
• Generation of new opportunities is delivering an average 6.11x ROI.  
• Improvements to data quality are delivering on average 43.9x ROI.  
• Time savings are generating an average of 4.9x ROI.  
• Brokers are achieving typical renewal retention rates of 95% .
• Brokers are delivering 94% faster onboarding speeds.
• SmartBroker is delivering insights on 5.3 million companies per day into Acturis and 3 million email alerts annually, thereby helping democratise access to data
• Brokers are realising £600k+ savings on the cost of compliance.
• CPD-accredited webinars for BIBA members have their achieved all-time highest satisfaction scores of 99.64%.
• Spotting the potential to provide regional brokers with a new way to win business locally without having to rely on referrals, AVIVA worked with us to trial a new Club 100 facility. This gave brokers 6-month paid access to the platform, and demand certainly outstripped expectations. To date 110 brokers have signed up.

Why have brokers achieved so much so quickly with FullCircl?

In the last 12 months we’ve not only democratised access to data across the entire broker landscape.  Uniquely we’ve also helped them prospect with precision, deliver tailored outreach at scale, provide better underwriting submissions, increase client retention, meet compliance duties, and cultivate existing books of business efficiently and cost-effectively.  

Delving a little deeper, FullCircl SmartBroker has helped brokers in a number of key ways:

Efficiently identify and win new customers

Our connected data solution has helped brokers better understand client needs and offer tailored policies and support, as well as the chance to re-examine their total addressable market (TAM) and expand their reach both geographically and demographically. Crucially, we’ve evolved the system directly in response to broker demand. For example, in the last 12 months we’ve made SmartBroker more functional for brokers seeking to attract and retain SME business.  We’ve worked with data providers to help brokers access previously hard to find financial insights that can help them respond innovatively to unmet needs and exposures.

Automation

We’ve saved brokers considerable time by pre-populating forms and automatically enriching them with supplementary data from verified sources. This has not only improved data quality and reduced the administrative burden, but has also allowed brokers to offer faster and more accurate quotes and spend more time doing what they do best - providing advice and service that supports and protects their clients.

Faster onboarding

Our brokers are running automated screening and onboarding checks, to streamline pre-qualification and deliver seamless onboarding journeys that improve the overall customer experience, making it even easier for clients to do business with them. Not only does this reduce manual errors and improve onboarding speeds and experience, but importantly it helps meet compliance obligations.

Customer relationship management

The integration of super-connected and enriched data and insight on companies and the officers inside them into Acturis has helped brokers manage relationships, track interactions, improve in-life monitoring, deliver personalised experiences, elevate renewal rates, and expand upsell opportunities. Brokers using SmartBroker are receiving daily insights about key changes to their prospects and clients, allowing them to provide relevant support and guidance, that cements their status as a trusted advisor.

Improve relationships with underwriters

Enriched customer data is serving to significantly improve underwriting submissions, eliminating knowledge gaps and ensuring comprehensive, full, and detailed submissions every time. As a result, underwriters can assess risks more accurately, and come back with policies that are responsive to individual needs and outcomes. Win-win.

Regulatory compliance

We’ve helped brokers automate regulatory compliance, reducing the risk of penalties and ensuring brokers always cost-efficiently operate within regulatory boundaries. This has been particularly apparent when it comes to adherence with the Consumer Duty regulations and the increasing focus on customer-centric, outcomes-based products and service. Strategic use of the AI-powered tools and data analytics available within SmartBroker has helped brokers deliver a best practice approach without incurring significant financial and resource burden.  

Looking ahead to more broker success

We’re on a mission to help brokers start smarter, to grow faster with compliance solved.  

In the last 12 months we’ve shifted the paradigm of collaboration within the insurance market for the benefit of brokers. Not only are we solving current challenges, but we are also perfectly positioned to support the next generation of insurance broker success.

Don’t risk FOMO. Get in touch today to find out how we can help you drive a new era of broking success.