Top 100 united kingdom Insurance Brokers 2024 : Q & A with Open GI CEO Simon Badley
The UK broking market is thriving despite challenging conditions, with brokers breaking through the £1bn revenue barrier and more on the rise than declining. Brokers are maintaining their crucial role in the insurance chain, navigating macroeconomic and geopolitical pressures, and reduced capacity due to inflation. They are adapting by writing more quality business and leveraging technology to improve operations and customer relationships. The growth in the Top 100 reflects the demand for brokers expertise, with opportunities in motor, home, cyber, and climate insurance. Data is essential for brokers to manage loss ratios and make efficient decisions. The acquisition of Hug Hub s Digital Platform enables brokers to streamline customer journeys and gain more control over their operations. Brokers are increasingly adopting AI, automation, and machine learning to reduce duplication and re-keying, allowing them to focus on customer service. The future of brokers lies in embracing new technologies and partnerships to enhance their relationship with Open GI. The company is investing in data, digital, and connectivity solutions, including self-service portals and generative AI, to support brokers in writing more and better quality business and building effective exchanges with insurers and third parties. In summary, the UK broking market is experiencing growth and resilience, with brokers leveraging technology and data to improve their operations and customer relationships. The acquisition of Hug Hub s Digital Platform and investment in new solutions and partnerships will further support brokers in navigating the evolving landscape and meeting customer demands. <|end|>
Source: insuranceage.co.ukPublished on 2024-10-07
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