We’ve discussed the possibilities for Brokers to utilise analytics platforms to create new products and services for a changing market. Doing so adds-value for a Broker’s clients, but also reinforces relationships with both clients and Underwriters.
Using a platform like Quest Marine to access and interpret vast amounts of data democratises market insight. Any Broker, within any organisation, can assess their clients risk profile based on the same behavioural characteristics used by Underwriters. This helps Brokers:
- Strengthen client relationships through deeper levels of engagement based on an understanding of unique behaviours that correlate to risk
- Improve representation by providing evidence-based consultation on investments that reduce risk
- Enhance market submissions with behavioural intelligence backed by evidence
- Share a holistic view of risk that helps the entire Broker network achieve a deeper understanding with more compelling factors
Empower your network
Whilst Underwriters use intelligence platforms to make decisions within the context of their organisation, Brokers need to propose business to multiple entities. The ability to share a rich level of understanding becomes a necessity considering that not all parties may have access to such insight. For the benefits above to be consistent, the barrier to entry for those that lack infrastructure must be removed.
The ability to share data with key entities ensures that new products and services can be created that leverage a Brokers network without friction. Clients don’t need to invest outside of their relationship with the Broker to access intelligence, and risk can be presented to Underwriters in a way that supports the Broker’s position.
Quest Marine’s Reporting Module allows Brokers to draw key insights from the platform into a simple report in minutes. Its modular drag and drop method of compiling key data makes it quick and simple to create and store reports as templates which can be applied across the organisation to save time. Brokers can share reports digitally, or traditionally through print, supporting relationship management, new business, and renewal efforts over any medium.
Fig 1: Report construction in Quest Marine using a simple drag and drop builder
Providing a client with in-depth information on their risk profile differentiates the Broker from competitors. This can help Brokers win a larger proportion of business from clients by ensuring greater value through data-led assessment and consultation.
Such reports can be customised so that the value of the platform is provided alongside the Broker’s interpretation of insight and how it applies. This means that Brokers can make each report unique by leveraging their experience and prospective knowledge.
The ability to share the same view of risk as an Underwriter and distribute such knowledge within a network gives a Broker a competitive advantage. The ability to assess a risk profile and share key insights with custom opinions in a single document simplifies the way Brokers can both pitch for and propose new business during the submissions process.
Reports drawn from Quest Marine access the same level of data seen within the platform, meaning all information remains relevant and is continually updated. Intelligence that can be drawn into a report includes:
- Areas of Operation
- Port Summary Visits
- Mileage by vessel type
- Breakdown of vessel type
- Tonnage benchmarking
- Unique ports visited
- War breach activity
- Sanction zones
- Iranian oil terminals
- Claims insights
- Port state control
Fig 2: A report preview in Quest Marine
For more on how Broking will evolve through the influence of big data head over to our resource page, or get in touch.