C-Suite: Rising to the network challenge

An ever-evolving regulatory agenda means there is an increased focus on providing a much more consistent approach across the market as a whole, which in turn will impact the smaller broker significantly. New client money rules will again cause brokers issues – with which networks can provide real help.

In order for networks to succeed, they need to listen closely to their members and partner insurers alike to ensure their offering remains fresh, gives added value and is in line with market needs. Excellent communication with all parties should be a central element in a network’s business model, along with aligned expectations. I’d like to think our refreshed proposition is indicative of this.

It is key to listen to all stakeholders – members, the insurer panel and staff – and respond accordingly. Simplifying offerings by reducing the number of membership tiers and placing a greater emphasis on brokers’ needs – such as access to the market and responding to the changing regulatory environment – can go a long way.

What’s clear from recent feedback is that the demand and appetite for small brokers to be part of a network is not going to go away – they look to networks to provide that comfort blanket. Similarly, insurers are looking for strategic partnerships from networks.

The future of networks in the UK is strong, but they have be inventive, constantly offering members new growth opportunities, first-class support, technological innovation, transparency and the protection they need in a changing environment.

Learning to listen and creating strong partnerships with all parties is fundamental for future success.

Gary Duggan
Chief executive officer, network division, Towergate Insurance