Christopher Branch, Head of Broker Relations at Beazley, speaking at the second day of BrokersLink’s second annual global conference in Portugal on Friday, urged underwriters to increase the utilization of the specialist skills and local knowledge provided by broker networks in order to gain a transparent view of the multi-national risks they cover.
“By their very nature a network of independent brokers will have an in-depth knowledge of their specific markets,” Branch explained. “This local view coupled with the horizontal structures used to link individual brokers together enables underwriters to gain a clearer perspective on complex multinational risks.”
José Fonseca, Chairman of BrokersLink supported Branch’s statement. “Broker networks can certainly offer underwriters distinct advantages with regards to risk transparency, but only if the inter-broker operating structure is efficient and robust,” he stated.
Fonseca pointed out, however, that “simply adding a common logo to your letterhead and agreeing to share clients is not enough. I believe that true networks will have an ever increasing role in the global insurance market but only if, as BrokersLink, they are based on a proven and efficient collaborative platform.”
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