MD of LV= Broker says getting products to market quickly is the key to happy reationships with brokers
LV= Broker managing director Mike Crane says the key to a good relationship with brokers will be the ability to bring products to market quickly and at a low cost.
Speaking at the Biba conference in Manchester, Crane told Insurance Times that he is expecting “a really busy couple of days, with lots of broker meetings”.
Moving forward post-Allianz
Last year at Biba, LV= and Allianz had announced their deal where Allianz would become the majority shareholder within the next 18 months. That transition is nearly finished, so Crane said now is a time “to accelerate growth and look at what we can do that’s new”.
He said; “Now that (Allianz) process is very well established, commercial lines and personal lines business are either fully moved or is close to finishing, so now really is the time to accelerate growth.”
Difference in brokers
Crane said it was coming through in the broker market that brokers are “investing in new data and new data sources”.
He said the key is to focus on and figure out “how to bring things to market quickly and at low cost”.
He said: “That is how we create that competitive advantage, to give them what they need in a really competitive market.”
“It is how we can bring things to market quickly and at a low cost, to give brokers what they want in a competitive market.” @LV_Broker MD @MikeCraneLV sees a shift in broker focus, and says LV= is working to accommodate that.#Biba2019 #Insurance pic.twitter.com/pZXYb350Au— Insurance Times (@InsuranceTimes_) May 15, 2019
It is a challenge
Crane did say it was a challenge because ”customer expectations are ever-changing” and that the industry is still in a position where “it needs to speed up”.
He said: “We are looking at how we speed things up, but also how we get more science and more data behind it, to help make it work even better.
He says brokers are becoming much more focused on what they are good at, and becoming experts in one field rather than adequate in many.