The following article is courtesy of insurr.
As insurtech companies compete and utilize modern methods to provide up to date products for brokers, they must also ensure they are still meeting the demands of their clients. A month ago, insurr (the online searchable database for brokers) sent out a survey to its users to find out more about how brokers use the site and what they want from it.
There were over 100 responses which revealed the many different ways brokers use online platforms when sourcing new products, as well as what they hope to find. Here are the results:
How often do you use insurr?
• Every few months: 37%
• Weekly: 31%
• Never: 12%
• Daily: 10%
• Once: 10%
What is your focus?
• Commercial lines: 63%
• Commercial and personal lines: 28%
• Personal lines: 6%
• Other: 3%
How much of your business is specialty or hard to place?
• 5-25%: 48%
• 25-50%: 20%
• < 5%: 16%
• > 50%: 16%
What do you use insurr for?
• Find market options for a specific risk that has come across your desk: 65%
• Find new insurers and MGAs you don’t currently work with: 17%
• Access product application forms and documentation: 11%
• Other: 7%
Has insurr helped you place business over the past 12 months?
57% answered YES!
Would you recommend insurr to a friend or colleague?
88% answered YES!
Would you like to have easier access and searchability of product documents, such as application forms?
• Yes: 85%
• No: 15%
We would like to improve on the emails and blog content that we send your way. What would you like to hear about?
• New insurers and MGAs: 28%
• New product listings: 27%
• Information on how to grow your commercial book of business: 27%
• Information on how to better understand specialty risks (such as Q&As with underwriters): 13%
• Specific content focus: 5%
What new or improved featured would you like to see on insurr?
• More application forms/pdf application forms
• Improved response time
• Coverage section
• More specialty markets
• Mobile app
• More specific search results
As insurr has now been online for 18 months it is encouraging to see that it is successfully connecting brokers to insurers, as well as providing brokers with useful information on oddball risks and hard to place areas. The next 18 months will prove just as fascinating as the site looks at building on its success and increasing its presence within the insurance community.