Insurance Business’s 2023 UK 5-Star Brokerages report has recognised the top UK insurance brokerages based on key metrics: revenue, revenue growth, policies written growth, client growth and number of new clients.
IBUK’s data highlighted that on average, irrespective of their size or scale, the top brokerages recognised boasted 119% active client growth, 89% revenue growth and 106% growth in policies written.
Offering his insights into the findings, industry expert and Insurance Search CEO Nick Hoadley emphasised how integral these metrics are in assessing a brokerage – particularly growth in active clients. That growth data shows that the brokerage’s value proposition is compelling, he said, and it means that they are beating the competition and the market, while innovating and doing things to attract new customers to their organisations.
For 5-Star brokerage winner Sioma, the key to growth has been the deployment of its skills to harness tech and reduce the administrative burden, enabling the firm to remain focused on its core business.
Managing director Alexander Margolin said: “The faster you grow, the more administrative staff you have to deal with. By engaging with the latest technology systems, we can overcome this hurdle while keeping our employee count as low as possible.”
In the annual report, PIB Insurance Brokers, another 5-star brokerage attributed its success to its culture – which it hailed as one of collaboration.
Speaking with Insurance Business, Charlie Upton, regional managing director of East Midlands at PIB said: “As a business, PIB’s focus is one of specialisms and therefore, we have some fantastic expertise around the group. Our culture is about sharing that knowledge and helping colleagues provide the best possible advice and solutions for our clients.
“We don’t act as an island; we build teams of people who support clients in various sectors providing insights and developing close relationships as trusted advisors.”
Discover the UK’s top insurance brokerages of 2023 today
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