How IoT helps brokers win new business

By Joseph Artgole - December 16, 2021

Brokers are successful when they have a complete understanding of both their clients business and insurers appetite. Those with more insight are better equipped to match the right client with the right insurer. The wealth of data IoT provides improves the profiling of vessels, fleets, and organisations globally. Brokers with access to these profiles can search for new accounts based on criteria, such as insurer appetite. This helps brokers:

  1. Review potential business on a global scale
  2. Target business with high conversion potential
  3. Increase placement frequency
  4. Build strategic relationships with insurers
  5. Accelerate growth strategies

Account acquisition today

Broker revenue is mostly tied to the placement of risk. The more risk placed, the greater the total commission. Brokers typically leverage their network to find more business.

Brokers that place consistently apply their existing understanding of an insurer’s appetite to know what will be accepted. This leads to a strong relationship with insurers, as well as influence in the market. However, even the most successful brokers are limited in their visibility of accounts when prospecting.

More insurers are leveraging vessel profiles based on IoT data. These profiles give insurers more intelligence, and therefore an advantage, during negotiations. This can mean that a broker’s understanding of an insurers appetite may not be as accurate as it once was. Brokers must match this new view of risk to negotiate effectively in the future.

Account acquisition tomorrow 

Access to the same global library of risk profiles insurers use offers more than understanding an insurer’s risk appetite. It will change the way brokers source new business. Whilst leveraging existing networks will remain valuable; access to a global library of risk profiles will mean brokers can:

  1. Filter and target new prospects who match an insurer’s appetite on a global scale
  2. Equip themselves with influential data that equals insurer understanding ahead of a pitch

Quest Marine helps brokers filter a list of global risk profiles to display business that match an insurer’s appetite, or risk characteristics of an account that’s already been placed. With a growing list of insurers adopting Quest Marine to profile risk, brokers who deploy Quest Marine can see how risk will perform ahead of negotiation. This will help brokers:

  1. Be more strategic with their growth strategy
  2. Identify what new clients value ahead of first conversations
  3. Build trust with insurers that lead to partnerships
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Pitching with confidence

With digital working methods driving more digital submissions, brokers need to translate key account information into an effective digital proposal. Digitising the creation of reports means brokers can select specific insights that support negotiation and distribute it in a new working environment.

Quest Marine lets brokers build reports from a wealth of insight in the platform. When an account is ready to place, custom reports can be branded and distributed to any contact. This reduces barriers to entry, helps brokers adapt to a changing market, and allows a broker’s entire network to benefit from actionable intelligence. Sharing intelligence also drives value for clients.

How this leads to growth

Brokers that consistently target and acquire business an insurer wants will increase placement frequency. Whilst increasing total commission, consistent placement will reinforce relationships with key insurers, differentiating the broker in their network. This gives brokers better access to intelligence on an insurer’s acquisition strategy and what accounts are likely to be written.

With trust in place, insurers and brokers can align on the acquisition of lucrative accounts, meaning brokers can approach prospects with backing in principle. This increases the conversion potential of prospects and gives new clients greater confidence.

For more on how applications like Quest Marine can help your business, get in touch.

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