Nine in 10 non-standard brokers believe providers must do more to aid renewals

Nine in 10 brokers believe insurers and MGAs across the market could do more to support renewals and client retention.

This is according to the latest Prestige Underwriting broker survey, in which brokers reported rising demand and optimism for growth in non-standard lines.

They also nearly unanimously urged MGAs to go beyond enhanced service and work harder to deliver meaningful renewal options.

The survey highlighted that a lack of renewal flexibility risks leaving customers underinsured, as more policyholders cut back on cover due to affordability pressures.

Alison Williams, managing director at Prestige Underwriting, said: “These results are a timely reality check.

”Brokers are telling us that while they value MGAs and see tremendous growth potential in non-standard insurance, they need Prestige Underwriting and others to work even harder for them at renewal time.

”It’s encouraging to see strong demand and broker confidence in the sector’s upside but we can’t ignore the call to deliver real choice and flexibility to help clients stay insured without compromise.

“Clients’ situations can change year-to-year, with economic pressures continuing to impact policyholder decisions. Brokers want MGA partners who will roll up their sleeves, provide options and ensure their customers have access to fair, tailored solutions when renewal time comes around.”

Committed to listening

Despite this challenge, brokers remain upbeat about the non-standard market’s prospects.

The survey revealed 79% of brokers have seen an increase in non-standard insurance enquiries over the past year and 76% expect further growth over the next 12 months.

Meanwhile, 89% of brokers said they feel supported by MGAs in placing these types of policies.

Williams continued: “At Prestige Underwriting, we take this feedback seriously.

”Our goal is to help brokers not only win new non-standard business, but also retain it by offering solutions that address issues like underinsurance and affordability head on. In a market that continues to grow and change rapidly, we remain committed to being an agile, dependable partner.

”That means listening to brokers, innovating our products and processes and doing whatever it takes to ensure their customers can stay protected at a fair value come renewal time.”