Broker networks: Meet the quiet, billionaire cousins you never knew you had

     

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.

Oxbow Partners Broker Networks Report

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About the author

Chris Sandilands, ACII is a Partner at Oxbow Partners. Chris advises (re)insurers and brokers on a range of strategy topics and M&A. Chris started his career as a D&O underwriter at Munich Re, before joining Oliver Wyman, the consulting firm. You can reach him at csandilands@oxbowpartners.com.

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