Exclusivity key to helping brokers retain independence
17 May 2013
Barbican announces findings of broker survey conducted at
The study was based on the responses of brokers at the event and focused on growth, one of the main tenets of this year’s BIBA event, as well as the value of partnership and independence in supporting growth strategies.
The research found that 69 % of brokers interviewed considered the exclusivity offered by their insurer as the most important factor in their ability to retain independence in today’s evolving marketplace. 24% of respondents highlighted the importance of the products they offered, while 5% cited the insurer’s distribution channels.
Brokers were also asked what they considered most important when building a worthwhile partnership with an insurer. Respondents ranked sustainability as the top priority (36%), with quality of communication a close second (31%) and differentiators third (21%).
When asked what they believed was most important when trying to win new business in addition to price, 33 % of brokers surveyed said that exclusivity was the main factor in securing new customers, while 29% believed quality of service was essential.
Austyn Tusler, head of UK insurance at Barbican Insurance, said: “The fact that exclusivity is considered a priority in retaining independence by over two thirds of respondents, while also being seen as important by a third in terms of winning new business is not surprising. In what is an increasingly complex, crowded and time-consuming market environment, exclusivity provides a level of clarity, speed and security to the process that adds real value to the relationship.”
Mr. Tusler added: “Sustainability and the quality of communication between both parties are the backbone of any productive partnership between insurer and broker. They are critical to successfully navigating the ebb and flow of the insurance cycle and ensuring a working relationship that is built on trust and understanding.”
He concluded: “At Barbican, we firmly believe that the strength of the partnership between broker and insurer is vital to meeting the growth challenge. Our goal is to continually strengthen these partnerships by enhancing our capabilities, securing our channels to market and delivering innovative, targeted solutions to support our brokers.”
Barbican, BIBA, Tusler, partnership, exclusivity, broker, independence
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Notes to Editors
Formed in 2007, Barbican Group Holdings is an insurance group writing business predominantly through its syndicate at Lloyd’s.
Barbican Syndicates 1955 and 6113 at Lloyd’s have a stamp capacity of £227.5m for the 2013 year of account and underwrites cyber liability, financial and professional lines, healthcare liability, international casualty reinsurance, marine insurance, marine reinsurance, North American casualty reinsurance, property, property reinsurance and corporate, middle market and scheme/affinity group clients in the UK and Ireland.
In the UK, all members of the Barbican Insurance Group of companies are registered in England and Wales and are subsidiaries of Barbican Group Holdings Limited (a company incorporated under the Laws of the Island of Guernsey). The members of the Barbican Insurance Group of companies that are incorporated in England and Wales are Barbican Holdings (UK) Limited (company no. 06410772), Barbican Corporate Member Limited (company no. 06400087), Barbican Managing Agency Limited (company no. 06948515) and Barbican Underwriting Limited (company no. 06634788). Barbican Managing Agency Limited which is authorised and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The registered offices of all members of the Barbican Insurance Group of companies are situated at 33 Gracechurch Street, London EC3V 0BT.