The broker network space has become increasingly saturated over recent years, significantly raising competition between individual networks. Networks have also come under increased scrutiny by the insurance industry following Aviva's high-profile split with Broker Network and Willis Networks, clearly illustrating the need for innovation if the model is to remain sustainable going forward.
Gain insight into the key issues affecting broker networks, and how they can be resolved.
Analyze the main benefits of networks for brokers, and the barriers to gaining new members.
Inform your strategy to guarantee a sustainable network model going forward.
Examine developments in the network space that will have a lasting effect on the market in the future.
What are the major barriers preventing networks from recruiting new members?
How can networks adapt to the challenges in this market to develop sustainable models?
What are some of the recent developments in the network market that will have lasting effects?
How will the networks space change in the next few years?
Consolidation in the network space is highly likely in the next few years, as networks that cannot provide value to insurers and differentiate themselves are acquired by more successful ones.
Networks need to review their commission and over-rider arrangements in order to guarantee that they provide benefits to their insurer partners and broker members.
Democratizing the decision-making process may be a way of counteracting broker disillusionment and enabling networks to act collectively to reach common goals.