Small regional brokers are growing organically and thriving in today’s market reveals Broker Network.
Year-end data from the UK’s leading Network for independent insurance brokers has revealed that its Premier members, which collectively represent over £500m GWP, are growing by a staggering 13% against a backdrop of relatively flat market pricing*.
Regional brokers are undoubtedly facing significant market challenges. Their ability to overcome these challenges has been questioned many times in the past but it appears they are overcoming them once again. Is the reason for these stellar figures as a result of the support offered by networks?
Commenting on the recent data, Andy Fairchild, Broker Network’s CEO said: “I’ve heard the ‘death of the independent broker’ proclaimed many times, but I firmly believe that small and mid-sized brokers are not only alive and kicking, but winning and thriving in today’s market. Networks play an important role in enabling brokers to collaborate and share best practice, whilst also challenging their business models and providing products and services which they would be unable to access on their own.
“Over the past year we have unashamedly pursued a growth agenda for our Members led by Richard Pitt. This includes our ground-breaking Organic Growth Programme, our award-winning in-house Marketing Consultancy and our newly-formed strategic insurer panel; all supported by our extensive Business Development team. We are delighted that this effort has delivered these results for our Members.”
Today the Network can also reveal the results of their annual Member Satisfaction Survey, which has for the first time recorded a ‘world-class’ Net Promoter Score of +60. This is a substantial increase of 63 points from its -3 score in 2012 and significantly above the B2B average**.
Fairchild added: “Overall the Network services we provide are simply unrivalled in the UK marketplace, and as we can see are now generating stunning broker satisfaction ratings.
“The culture of our business is to relentlessly deliver these services to our Members, and our mission to grow, protect and support independent broking remains at the heart of everything we do. It always was, it still is and it always will be.”