Blog: Get Ready for the January Rush

Broker Insights shows January is the busiest month of the year for renewals

While most of us are still feasting on leftover turkey sandwiches and contemplating New Year’s resolutions, brokers are busy using the post-holiday season to shop around looking for the best insurance deals for their clients. This is according to data obtained via the Broker Insights platform, which provides a unique view of the market that can help brokers and insurers enter the new year with confidence. 

Fresh from the winter break, it makes perfect sense for brokers to want to put their best foot forward and start the year off with some positive, proactive trading. We know from our data that brokers move more business in January than any other month of the year.

Insurer partners can use the platform to engage with brokers via intelligent appetite matchmaking and Notes of Interest, and should be thinking about how they can capitalise on this increased activity now in advance of January.

Similarly, brokers can prepare for this busy period by reviewing their renewal pipeline and the in-appetite opportunities that might be available around placement. 

How can Broker Insights help? 

Review pipelines 

Broker Insights can help insurers find the best policies up for renewal by using the Prospect Search page. From here, users can review the headline details of opportunities and add them to their Prospect Workflow quickly and easily, with filters to narrow their search by premium band, renewal month, product and product class.  

The platform will also assist insurers by adding recommended opportunities based on your appetite directly into the Prospect Workflow.  

By doing this work now, insurers can engage early with brokers on target opportunities renewing in January.   

Register Notes of Interest 

The best way to make sure that brokers know you are interested in their renewal is to tell them! Through Broker Insights, insurers can send Notes of Interest for any upcoming business that they are interested in discussing. This provides insurer partners with a pre-qualification tool, prior to development discussions with brokers.  

Dave Smith, Head of Sales at Broker Insights, emphasises the role that the platform fulfils. 

“Looking ahead to January, which is set to be an extremely busy month, communication between brokers and insurers will take on increased importance. Being able to use the platform’s Note of Interest communications channel optimises scarce resources during this busy period.”   

Train staff 

Broker Insights is constantly evolving to provide more efficiencies to our broker and insurer partners. Therefore, it is important to ensure that everyone who uses the platform is up-to-speed with how it works. Broker Insights includes in-platform training videos and user guides so that users can learn how to use it at their own pace. With January just around the corner, now’s the time to start brushing up on your platform knowledge so that you can get off to a flying start in the new year. 

Alun McGeoghegan, Head of Insurer Relationships at Broker Insights, stresses the importance of being prepared during the busy months. 

“Our platform’s data tells us a story, and that story shapes our perception of the market. In this instance, the story is that January is going to be a very active time for our broker partners, and we want to ensure that our insurer partners are prepared for this so that they can gain the competitive edge. 

“Broker Insights can give them that, and by fully engaging with the platform, insurer partners can put themselves front of mind with brokers, set up a strong Q1 and look forward to a good start to the year.”