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In a market which has experienced huge consolidation and an increasingly burdensome regulatory landscape, the importance of Networks in preserving the vital role of independent brokers across the UK cannot be underestimated.
That’s why I was delighted to chair a fantastic roundtable discussion with senior leaders from across the Network space in collaboration with BIBA. Together, in an open, honest, and insightful forum, we debated how Networks can thrive in a rapidly changing environment. It was great to see a shared commitment to supporting brokers and championing the future of the profession.
Here are our top five takeaways:
1. The growing importance of technology and data
Networks and the brokers they support still face frustration when it comes to data - overwhelming volumes, poor quality, inaccessibility, and lack of data sharing are all challenges.
A key concern centres on how brokers can embrace modernisation without losing that all-important human touch.
Networks that invest in technology to enhance processes across the entire client lifecycle (from augmenting sales and relationship management to compliance, risk placement, and distribution) and provide data-driven insights to members, are differentiating by maximising the ease of trading and therefore driving growth and competitive advantage.
2. Overcoming regulatory burden and cost
The debate centred on the growing need for Networks to support brokers as they navigate an increasingly complex compliance landscape, in particular the burden and cost associated with Consumer Duty compliance. Whilst it was agreed that regulation is vital, it’s important to invest in good governance in tandem with growth and innovation.
The ability to help broker members automate regulatory compliance, reduce the risk of penalties and ensure they can always cost-efficiently operate within regulatory boundaries can help Networks promote a best practice approach without members incurring significant financial and resource burden. This is especially important when it comes to adherence with Consumer Duty regulations and the increasing focus on customer-centric, outcomes-based products and service.
3. Driving up broker value
We discussed at length the importance of reinforcing the value of broker advice in a commoditised market. And, how technology can augment the personal touch, not replace it.
Networks can assist by harnessing technology and data in ways that help brokers get closer to the clients – tailoring outreach and aligning value with client needs for a more personalised experience, spotting and addressing gaps in cover or underinsurance issues across their book, delivering meaningful opportunities to connect through the client lifecycle and maximising retention through upsell/cross-sell opportunities.
4. Attracting and retaining independent broking talent
Just like the rest of the industry, brokers face a challenge in attracting and retaining talent.
Networks have a key role to play here, in attracting new talent, as well as driving entrepreneurialism at a time of increased market polarisation.
It’s about supporting the retention of the vital skills and experience that ensure independent brokers maintain their trusted advisor status, investing in helping new start-up businesses get up and running quickly and cost effectively, and offering sustainable routes for those looking to exit the industry with a viable succession strategy in place.
5. Networks have an opportunity to drive the industry forward
But only if they modernise. Networks have never been more relevant, but they must evolve and invest in new ways to maximise the ease of trading for their members.
How can FullCircl help?
We can help Networks maximise the ease of trading for their members, protect independent brokers, and differentiate themselves in an increasingly competitive market.
With FullCircl SmartBroker - either as standalone member benefit or as an integration within Acturis - your members could achieve:
- 80% increase in new business
- 94% faster client onboarding
- 500%-time reduction in policy review processes
- Over 1,000 hours total time savings annually
- 95% renewal retention rate
Get in touch with our specialist insurance industry success team to find out more.
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