In today’s fast-changing insurance environment, brokers must do more than just offer broad-based solutions. To remain competitive, they need to align their strategies with the unique needs of regional markets and adapt their commercial models to meet shifting client expectations.
That’s according to Rob Corner, chief distribution officer at DUAL. “The important thing brokers need to bear in mind is their approach to breaking down these risks… not only, who are the key markets they want to work and support, but recognising that there are some real nuances,” he said.
A recent NFU Mutual report illustrated this regional disparities that exist: rural crime in South West England jumped “41.9% to £7 million”, while in Northern Ireland, it “fell by 21.3%”. Such differences highlight how exposure to risk can vary drastically between regions.
Regional variation begins with the industries that dominate local economies. As Corner explained: “You have to build portfolios reflecting local industries, rather than overlaying a homogenous risk appetite.” Tailoring offerings to regional specifics also allows brokers to deliver a deeper, more responsive service. “It’s about more than just product - it’s about the whole experience and relationship,” he added. “Importantly, trade with underwriters that understand that local marketplace.”
To do this effectively, brokers should consider:
Beyond regional knowledge, Corner emphasised that brokers must also rethink their commercial models to remain agile in a competitive landscape. “The commercial landscape is shifting rapidly, with changing client behaviours and increasing competition… brokers need to be reassessing pricing models, improving operational efficiency, and exploring new distribution channels to stay ahead,” he said.
A key part of this involves understanding portfolio dynamics and how they inform placement decisions. “Brokers vary in placement strategies: passive, active, or directive; insight into their portfolio allows identifying gaps and improving efficiency, reducing no-quote rates and enhancing bound rates.”
This insight should guide brokers toward more focused trading relationships. Corner said: “Narrowing agency base and focusing on partners that provide scale and collaboration leads to better commercial understanding and improved portfolios.” But such focus must be paired with future-ready strategies, Corner argued. “They need to construct a placement strategy that's fit for the future... look, in totality, at what that placement strategy needs to look like... to make sure they've got options,” he added.
Technology also plays a critical role in this evolution, with brokers encouraged to “lean into the technology, lean into the prompts and insight that it can generate... allow your teams to focus on better serving their customers.”
Key steps for modernising commercial strategy include:
Corner also underscored the long-term value of regional partnerships - both with insurers and service providers. He noted: “Partnerships at a regional level create deeper trust and faster problem-solving, which ultimately benefits clients.” Strong local partnerships are not only valuable on their own, but also a natural byproduct of sound regional and commercial strategies. “The brokers who embrace regional distinctiveness and evolve their commercial strategies thoughtfully will not only grow their business but also deepen client loyalty in an increasingly complex market,” Corner claimed.
Amond the ways brokers can strengthen local partnerships are:
