What our brokers think about the year ahead

As part of our Christmas Hamper Giveaway, we asked brokers for their thoughts on a variety of topics, in particular about their firm’s turnover in 2014, opportunities and threats in the year ahead, as well as perceptions of insurers. We are drafting a ‘white paper’ with all the results, but we wanted to share the ‘headlines’ with you first.

The results

• 30% of respondent brokers reported an increase in turnover in 2014 of between 10 and 25%
• Less than 4% reported a fall in turnover
• 44% of respondents predicted an increase in turnover in 2015 of up to 10%
• A further 31% predicted a 10-25% increase
• 36% of respondents identified improved marketing as the main way of achieving growth over the next year, with 16% quoting acquisition or merger
• 53% of brokers highlighted increased competition as the biggest threat to their business
• 21% quoted increased premiums
• When asked about what brokers want from insurers, nearly 22% said ‘quick quotations’

NB All turnover estimates refer to commercial business

The white paper will be available in the next two weeks. Please ask your dedicated underwriter if you’d like to receive a copy when it’s published.
In the meantime, we hope the year has started well for you.

Don’t forget, we can now help you with Commercial and Professions quotations, as well as Construction.