Theo Duchen, chief executive, Acturis

What's happened in personal lines is going to happen in the SME sector, unless the industry as it stands today, gets its act together.

In personal lines, other channels have gained substantially in both motor and household - mainly at the expense of the traditional broker channel.

That's due to efficiency and the aggressiveness and the ease with which folks can enter the market.

The same thing will happen in the SME market, and that's a real battleground that the broker can't afford to lose.

It is now becoming meaningful for a broker, at least in the SME area, to be able to trade a large proportion of their portfolio via Imarket.

Insurers have to put products on Imarket that quote. Renewals and broker pricing adjustments are also important because the percentage of a broker's new business versus renewal portfolio is very low.

The other important thing is pricing adjustments - flexibility has to be built-in.