1 Answer Network says brokers are struggling to keep up with prices on personal lines
Personal lines broker network 1 Answer Network has launched a “crusade” against aggregator pricing and wants more insurers to jump on board.
The network, launched four years ago and now with more than 40 members with a combined gross written premium (GWP) nearing £100m, believes brokers are struggling to keep up with prices from aggregators and direct players.
Managing director Paul Muir said insurers should join forces with the network to offer competitive rates on personal lines.
“The hardest problem is competing against the rates with the aggregators. We are in talks with insurers at the moment and we saying, ‘Here is a great opportunity for you to compete’. I see it almost as a crusade.”
He said some insurers had already come on board “and our members are starting to get some benefits”.
The network currently has deals with six major carriers, including RSA, Fortis, NIG and KGM, and Muir revealed he was in discussions with MMA Insurance. He was also hopeful of talks with Aviva as he sought to increase the network’s panel to eight.
“We have a platform to help insurers put their rates out with the direct players. The ones that are actively trying to grow their personal lines book of business like it.
“We want to make sure we have a good number of insurers and we want to get to eight insurers for various products.”
Muir said that if the aggregator price war continued, insurers would have no choice but to consider their options.
“Insurers are all going to review what they are doing with aggregators and may assess what they do with that business.”
He also opened the door for small commercial brokers to join the network, which he said typically attracted £2.5m GWP firms.
“There is so much competition in personal lines, so any broker that is new to it, we can help them. Everyone is welcome.”