broker market
Peter Knowles
HEAD OF UK DEVELOPMENT MMA
Broker-only back in fashion?
There was a time when the broker-only insurer was seen as an anachronism - a survivor from a previous age. But today, that perception has changed thanks to the broker market having proved itself to be highly resilient and cost effective. Not only that, Peter Knowles explains why he believes the broking sector now has the upper hand in many operational areas
“ F
ashion, turn to the left,” sang David Bowie back in 1980, pointing out the global fashion industry’s inherent fickleness. Not that Mr Bowie could claim to be immune to the vagaries of the industry. In the same song he also sang, “We are the goon squad and we’re coming to town”, but we’ll pass on that bit for the purposes of this article. Probably for the best. Fashion is, by its very nature, cyclical and upon reaching a certain age, you’ve been around long enough to see that cycle turn. One particular revolution that’s attracted my attention of
late is the popularity of the broker- only insurer. Ten years ago they were desperately untrendy. The broker- only insurer was an anachronism, a throw-back to a prediluvian world of independent high street brokers, and Direct Line still a twinkle in Peter Wood’s eye. But now, as I travel around the
country, I’m detecting a different nuance. There’s a renewed confidence among brokers about
the future of their dedicated underwriting partners. And that’s prompted me to wonder just why? Ten years ago, insurance brokers were at something of a low ebb having seen the direct
18 insurancepeople NOVEMBER 2011
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