At Gracechurch, the month of September is usually full of back-to-back client presentations and workshops, and this year is proving no different. As we pore over the results of our London Insurers Report with our clients, there is one particular query which we are being asked over and over again: as open market business shrinks, what matters, really, when it comes to pitching for facilities (in other words, is it just about price)?
So, we surveyed over 400 London Market placing and producing brokers and asked those involved in facilities what matters.
In a market where face-to-face trading still prevails, it is perhaps unsurprising that 'service' is a vital value-adding service above and beyond capacity and price. However, as customers become savvier and global insurers continue to build their brands, will having a salient brand or 'USP' become just as important when it comes to winning broker facilities?