The Insurance Market Cycle
This session explores how the insurance market cycle operates, and how the current soft market has evolved, before turning to the implications for both insurers and brokers. Finally, we explore some core strategies for both protecting existing account revenue and winning new business in this environment.
By the end of the session, you will will :
- Be able to explain the insurance market cycle and the reasons for the softening market to clients or brokers
- Be able to discuss with clients their strategic options to best respond to developing market conditions
- To understand the implications of the softening market from a sales and account management/retention perspective
Contents:
- The mechanics of the insurance market cycle
- Where are we in the cycle [by class of insurance]? What factors have/are causing this softening market?
- How is this position likely to develop in the short to medium term
- The implications for brokers and insurers. Threats to existing clients, premium and commission suppression. Competitor action.
- Action to protect and grow existing accounts, and maximise sales
Venue
- Online event
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CII Accredited
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.