A broker has revealed his book grew by 50% during June thanks to new business but his admission came with a warning that SME clients are losing out to bigger corporate customers.
Robert Cooper, director of Cooper Professional Risks, said this year was the most challenging year yet and it’s not going to improve.
“In the first two years of our business, the June period made little difference but this June was more challenging perhaps because prices have been going up in property so people are shopping around more. It’s an opportunity for brokers to pick up business. Our book grew 50% in June. If we won every that we quoted, we would have doubled our book.”
Cooper said June was particularly busy because it is renewal season and insurers prioritised bigger corporate clients over SMEs.
“SME get affected because insurers take a lot longer to respond and things get delayed. It’s natural for insurance companies to give priority to clients that get them more money. People get stressed and there’s a lot of craziness.”
Cooper doubts next June will be much easier. “It will be difficult too because of the opportunities that period provides. Even if insurance companies send out advice about renewal 60 days earlier, they don’t get the information necessary for renewals until the brokers come back with that information. It’s a matter of urging the customer to send the information sooner rather than later.”
Markey Insurance Brokers also enjoyed a growing book of business. Last month was one of its biggest months yet for new business, which grew fourfold.
However, senior broker David Summers said that new business created extra paperwork and so the broker had taken to completing renewals ahead of June.
“We start June [renewals] early so that it gives us the opportunity to spend more time on new business. New business quadruples the paperwork and without the fantastic team working beside me we wouldn’t obtain the results we do every year. We did well last month due to the referrals and cold calls we received months prior which led to some new business.
“There is always going to be a client that shops around, however, the majority of ours don't. I believe it's because of the multiple contracts throughout the year and the reassurance we give them when doing the review that their best interests are at heart and we are doing the job they have employed us to do.”