Insurance Age’s largest broker survey will reveal average commission levels, broker opinion on consolidation and unrated insurers, and brokers’ 2020 strategies.
Insurance Age is conducting its largest ever survey of brokers and the data will be revealed exclusively to delegates at Broker Expo, which is held on 7 November at the Ricoh Arena in Coventry.
The survey is currently underway and expected to receive responses from over 1,000 general insurance brokers.
Brokers can register to attend Broker Expo for free here.
One of a set of wide-ranging questions was around the impact of insurer consolidation in the market.
Brokers were asked: “How concerned are you about insurer consolidation?”
The responses showed that this is something hitting the market with a fair amount of force.
Nearly a quarter of brokers were either concerned (20.3%) or very concerned (4.8%) with a further 14.1% reporting they were a little concerned. Just 14.8% had no worries about the M&A for insurance providers and 46% were neutral.
So far the survey has also revealed how brokers feel about current commission levels. According to the current responses the majority (44.%) said that the commission they receive is “fair”.
Meanwhile more than 10% felt commission levels were “unfair” or “totally unfair”
The remainder were either neutral or reported their commission was fair (44.1%) or very fair (7.2%).
The data, which will be accessible only to brokers attending Broker Expo on the 7 November will also outline average commission levels in the market.
Sign up to attend on the day and get the first look at this important data set. Find out where you sit in the commission spectrum, learn which business lines are growing in popularity and see the lay of land on major industry issues such as consolidation and insurer acquisition.
The event, hosted by Insurance Age and with Open GI as headline sponsor, celebrates the work of brokers.
A number of sessions focus on succession, consolidation and M&A. Helen O’Neill, commercial manager, Ataraxia Broking and Bob Darling, CEO, Jensten Group explore how brokers can develop an exit plan.
A panel is also set to discuss ‘merger and acquisition: how to get the best deal for both you and your business?’
Speakers addressing that issue include: Peter Blanc, group chief executive officer, Aston Lark; Tom Bartleet, chief executive officer, Erskine Murray; Graham Coates, chief operating officer, Hamilton Fraser and Neil Walton, chief operating officer; Centor Insurance and Risk Management.
Currently confirmed to attend are 130 exhibitors, and 40 expert speakers – with Sir Ranulph Fiennes delivering the keynote address.
Broker Expo, which is free to attend for brokers, is an opportunity to do more business in one day than in three months.
Registration is still open for attendees and exhibitors.
Find out more at www.brokerexpo.co.uk.
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