Larger premium network ProBroker placing 25% more business with panel
Members of Marsh’s larger broker network, ProBroker, are placing 25% more business through the network’s insurer panel compared this time last year.
Eight new members have joined the network this year taking its membership up to 44 brokers.
Sister network Labyrinth is also placing more than 12% of business ahead of this time last year and has grown by 11 to 123 members.
Networks head Martyn Denney said Marsh Networks’ growth had been boosted by its non-traditional insurer panel, which gave brokers access to the specialist markets typically available only to larger brokers.
This attracted new members and also led to existing members placing more business through the network, he said.
Marsh Networks’ panel includes Tokyo Marine, CNA, CFC, Travelers and Northern Marine Underwriters as well as Ageas, AXA, Allianz and Hiscox.
“What we are trying to do is to use the core markets, but bring in other markets, which gives members something different when they are competing,” Denney said.
“What we don’t say is we have all these insurers and that all brokers must use them. Some of those insurers are very niche or specialist. Not every broker has the type of business that any one insurer might want.
“We have action plans with each insurer to make sure the accounts are working. We have to make sure that for every broker, there is a good breadth of product sets working for them.”
The networks are differentiated by the types of clients they deal with. ProBroker members typically handle commercial clients with premiums of £2,500 and above, while Labyrinth members have more smaller and local commercial clients.
Denney said that the consulting services it offered to members also helped the network to understand its brokers’ needs better.
The network has also set up facilities with Lloyd’s syndicates for its members to access. It recently launched a new extranet site for members to find products, specifically by trade and product-line.