Hiscox has created and launched a full-cycle digital buying and selling extranet for its broking companions as GlobalData surveying has discovered that this will likely assist it entice extra enterprise with brokers.
As per GlobalData’s 2023 UK Business Insurance coverage Brokers Survey, solely 0.8% of brokers imagine that Hiscox affords the perfect extranet websites, 0.4% imagine it has the perfect digital buying and selling functionality, and not one of the respondents imagine that it’s best at school for velocity of response to queries/quotes. Nonetheless, options of Hiscox’s new platform embrace immediate quotes, reference to brokers’ again places of work, and entry to underwriters. Brokers may have full management over their shoppers’ insurance policies over the extranet, together with new enterprise, mid-term changes, and renewals.
GlobalData surveying has additionally discovered that the launch of Hiscox’s new digital buying and selling extranet could assist it retain and entice new enterprise with brokers. In line with our 2023 UK Business Insurance coverage Brokers Survey, 7.6% of brokers imagine that velocity of response to queries/quotes is an important issue when selecting who to put enterprise with. Moreover, brokers worth flexibility in underwriting/cowl (23.5%), claims service high quality (19.9%), and worth/premiums (17.9%) as vital elements when selecting which insurer to put enterprise with. Hiscox ought to give attention to what’s most vital to brokers by making certain its choices are stronger in these areas.
Aviva, which does this effectively, constantly will get excessive rankings from brokers. As per our 2023 UK Business Insurance coverage Brokers Survey, Aviva ranks greatest at school for flexibility in underwriting/cowl (27.1%) and ranks second for declare service high quality (21.5%). It additionally ranks highest for velocity of response to queries/quotes (31.8%), digital buying and selling functionality (54.2%), and high quality of extranet websites (55.0%).
General, brokers are a basic distribution channel for each private and industrial insurance coverage. By specializing in what they worth most, insurers can enhance relationships and enhance enterprise with brokers, which can be vital amid unsure macroeconomic situations.