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.