Regionalization will continue to be a key trend of insurance distribution in 2013, with a local presence considered by insurers to be pivotal in the mid-market space. The next step is to leverage regional office footprints to maximize value through local expertise, delegated authority, and establishing a sense of trust and stability.
Inform your view of the next steps in regional strategies with the opinions of market experts and Verdict Financial analysis.
Compare your distribution strategy in the mid-market space with the approaches taken by the competition.
How can full potential from a regional footprint be achieved and what steps are needed to get there?
How are other insurers approaching regionalization and what objectives are they likely to have in 2013?
Commercial insurance is a business built on relationships, and insurers regard regional offices as a route to increasing awareness, visibility, responsiveness, quality of underwriting, and ultimately broker trust.
Large insurers are developing footprints to win mid-market business, but Lloyd's insurers are also branching out and expanding in focus from specialist to general mid-market business.
Regionalization forms only one element of a wider picture of distribution and should be viewed as such. The use of technology is an integral part of expanding an insurer's footprint.