Access to data is ‘make or break' for many insurers today, and faster speeds for rating changes the priority for those responsible for distribution.
These were the conclusions of BGL's insurer partners at its recent conference. Twenty two insurers shared their views on the most pressing distribution issues in today's personal lines market at the event, held at the Four Seasons Hotel in London.
The agenda included updates from BGL Group on its own progress in core distribution areas, such as Counter-Fraud and Technology, as well as insight into the Group's business strategy. The day then focused on insurers' own challenges and priorities in working with intermediaries. Data was seen as a key differentiator - with insurers seeking greater insight into vehicles, customers, fraud and general market intelligence.
Michael Lawrence, Personal Lines Director at LV= Broker, said: "There are many areas where intermediaries continue to add value for insurers, and the conference gave us a strong insight into what BGL can deliver for us. It's unusual to have such an open forum to discuss distribution challenges and opportunities, and I gained a lot from the session. Today, data and agility are the keys to commercial advantage - if you know how to make best use of them. BGL made it clear that it is keen to work with us to reach a whole new level across these two themes."
Will Price, Director of Product and Panel Development at BGL Group, said: "The personal lines market is a highly competitive space, and challenging for both insurers and brokers. Ultimately, our vision is to be insurers' Distributor of Choice, and a key part of this conference was around investigating how best we can achieve this for mutual benefit. We knew that data was an area of great interest, as is a more flexible approach to rating, but it was very useful to gain specifics from our delegates around what they want, need and how it can be used."
To round off the day's interactions, delegates enjoyed a dinner in the unusual and exclusive surroundings of the Household Cavalry Museum, with a reception on Horseguards Parade.
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