How We Are Helping Brokers Navigate the Soft Market
2 April 2025
The current soft market presents both challenges and opportunities for brokers. As competition intensifies and commission-based income comes under pressure, brokers must work harder than ever to differentiate themselves. At NBS, we recognised these challenges early on and took decisive action to support our broker partners by enhancing their experience, improving efficiencies, and utilising innovation to deliver better results.
Enhancing the Broker Experience
Our priority has always been to make life easier for brokers by providing a seamless, efficient, and responsive service. Over the past year, we have refined our approach to ensure we deliver what they need. One of the key improvements we have made is significantly reducing our quotation turnaround times. Currently brokers can now receive SME quotes with 1 hour, property quotes within 4 hours, while more complex commercial risks are processed within 1 day. This improvement ensures brokers can secure the cover their clients need quickly and efficiently, allowing them to remain competitive in a fast-moving market.
The Steps We Have Taken to Improve Efficiency and Service
Understanding that speed and accuracy are crucial in a competitive market, we have made significant investments in smart underwriting technology and automation. By leveraging APIs such as Address Cloud, we have improved risk assessment accuracy, enabling more precise and efficient underwriting decisions. We also undertook a full review of our 40 products, removing unnecessary questions, refining system rules, and optimising referral triggers to create a more streamlined and efficient process.
Automation has played a key role in improving our service. Currently 25% of all quotes are now processed automatically, up from 10%, equating to over 600 quotes per week. This allows brokers to receive instant quotes for straightforward risks, enabling our underwriters to focus on more complex cases.
The Impact of Our Improvements
Our focus on speed, efficiency, and service quality has positioned us as a trusted partner for brokers navigating the challenges of the soft market. With faster quotes, improved underwriting accuracy, and a greater level of automation, we have made it easier for brokers to place business with confidence.
At a time when price is no longer the key differentiator, service and reliability make all the difference. By continually innovating and improving, NBS is committed to helping brokers succeed—both now and in the future.