Higinio Iglesias, CEO of ebroker: «Data, as a reflection of reality, is the best and most valuable argument against self-interested advertising that belittles the value provided by the insurance broker«
The unstoppable growth of technological development is pushing companies into an increasingly ambitious scenario full of challenges and opportunities. Just a few days ago I read an article in a digital medium in which there was an exhibition on the impact of technology on the current business reality, and it concluded with a certain emphatic affirmation: The business world is no longer just about merchandise , goes from how these are stacked in the warehouses until the data they move them
At this point it is already somewhat tiresome to insist on the importance that the world of data, and its use, represents in the present and future of business, and how decisive it will be to generate value through the knowledge obtained from them. But not only will the knowledge obtained in decision-making applied to governance be transcendent, it is also necessary to address the perspective of the power of data as evidence and lever in the generation of states of opinion.
The data contains important stories to tell, some of great significance for insurance brokers and the perception by the consumer of the value that professional insurance management brings. It is up to us, the brokers, to give voice to the data and transcend society.
The data shows that the good professional work of the broker, in the subscription and renewal of insurance, is offering the consumer a considerable containment barrier against the escalation of prices caused by inflation.
Recently, various media reported and quantified the increase in the price of car insurance due to inflation at 3,34%. This information, provided by a popular online insurance sales portal, sounded the alarm about the also foreseeable rise in the price of insurance renewal, and recommended that consumers review the premiums, in any case and well in advance. Obviously, through your online comparator.
The point is that the report INSURANCE METER, a technological initiative of data analytics promoted by insurance brokers, which has analyzed more than 1,2 million operations, has concluded that in the broker channel not only have premiums not risen, but they have fallen by 0,30% in new production in the second quarter 2022. And with regard to portfolio operations, the contribution of the broker in the retention procedures for renewals has meant an adjustment of 1,74 percentage points with respect to the premium increases proposed by the insurers, with the consequent benefit for the consumer with respect to the price finally paid.
And what does this mean? What does the data say? Well, the data shows that the good professional work of the broker, in the subscription and renewal of insurance, is offering the consumer a considerable containment barrier against the escalation of prices caused by inflation.
The data, as a reflection of reality, is the best and most valuable argument against self-interested advertising that underestimates the value provided by the insurance broker. Both in the new hiring, as in the renewals, the consumer wins when the insurance is managed by a broker. Win in price, quality and service. Nobody compares better than an insurance professional. It's what the data says. Let's keep giving them a voice. Let it know.
Higinio Iglesias
CEO of E2K and CEO of ebroker
Article published by Higinio Iglesias in LinkedIn on August 3, 2022.
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