The broking market is a tough space for many players in 2013. For the past 10 years, the market has been fairly flat-but aggregators have edged into consumers' line of sight, offering cheaper, direct insurance rates that bypass the high-street broker. Competition is fierce, and brokers need to differentiate themselves in order to secure market share. In the face of these challenges, some players are realising that having a regional presence or focusing on niche areas can be of key importance to the future success of their businesses.
For many, emphasising the best parts of a broker's service - such as offering the consumer or SME a more personal insurance buying experience has made a real difference to their business propositions.
Drawing on insights from senior brokers, this whitepaper studies how insurance brokers can gain a competitive edge by focusing on niche areas and strengthening their regional focus.