The Gracechurch Broker Experience Report has revealed that when London commercial insurers move offices it has a significant positive impact on commercial performance. After moving offices, insurers see an increase in all key measurements of business performance within the year: market share, brand favourability, and broker shortlisting all increase significantly.
The results aren’t surprising. The days are long gone when all business is conducted at the box. Offices are increasingly becoming spaces where insurance is conducted; brokers and underwriters can have private conversations, fully discuss complex risks, or meet with clients.
It goes without saying that improving your office space is going to reflect favourably and enhance the overall experience of doing business, but the ability to quantify this impact is important. We frequently see the market underestimate the importance of these “softer” factors and instead point fingers at price or market cycle. If insurers want to succeed in the era of consolidation, they need to optimise all factors that have a positive impact on long-term broker relationships.
Chantal d'Offay
Research Analyst