Broker networks: Meet the quiet, billionaire cousins you never knew you had
November 9, 2016 Chris Sandilands
Broker networks are like the quiet, billionaire cousin you never knew you had. We estimate that members of UK networks control over £5bn of GWP, but you’ll rarely read about networks in discussions about the industry.
Like your quiet cousin, networks are enigmatic. Brokers struggle to differentiate between them because they all offer similar services with similar marketing messages. Some insurers blow hot and cold as they question networks’ ability to promote their interests to members.
Strangely given the size and therefore importance of networks in the insurance value chain, we are not aware of any literature that looks across the networks and deciphers their propositions for brokers and insurers.
Oxbow Partners decided to take on this challenge. We used an online questionnaire to find out brokers’ opinions of their networks. We wanted to hear the inside view and share the results with the UK general insurance community to help everyone make better decisions.
Chris leads engagements across strategy and transformation, focusing most of his time on global reinsurance and UK & Ireland retail insurance.
Chris started his career at Munich Re where he was a D&O underwriter. During this time, he gained his ACII qualification. He then moved into consulting, where he has spent 20 years advising (re)insurance management teams around the world on topics including strategy development, operating model redesign, governance optimisation, underwriting transformation and innovation. Chris lives in London and spends a lot of his time with clients in Bermuda and Continental Europe.
Chris frequently authors Oxbow Partners papers and articles. He was the lead author on our InsurTech Impact 25 series. He is a dual British and Austrian citizen and speaks fluent German.