Dear CE Broker,
I’ve always believed that in order to be a market leading MGA, you have had to add value.
The first quarter of 2019 saw Commercial Express launch CE Learning: Online. I want the company brand to stand alone from the hundreds of other MGAs and learning and development is something that we introduced into our culture, when obtaining Investors in People Gold. I want our brokers to have a vehicle whereby they can educate their people in technical insurance and regulatory matters and at the same time learn a range of soft skills. It’s been a huge success and many brokers are now looking to integrate CE Learning into their way of education.
I’m constantly being reminded that it’s Commercial Express’ 20th anniversary this year and looking back, the industry has changed drastically. These include the use of technology and a number of insurance partners either leaving the industry or merging. One thing remains constant however, which is the need to develop relationships and surround yourself with good people. We would not have been able to achieve anything if it was not for our people and our brokers. The need to continually invest in people is crucial in allowing us to reach the target we have set ourselves. Since the turn of the year, we have recruited 10 new members of staff who we believe will have an impact not only on our business, but our brokers too. Later in the newsletter you will be introduced to a few new faces.
The current insurance market is a tough place to operate. Insurers, pushed by Lloyd’s, are looking to increase rates or cancel unprofitable binders. No longer will growth just be enough. We are entering a period whereby ‘Loss Ratio is King’. Management of your binder and having a clearly defined underwriting strategy is critical to the success of your account. Over the last year, we have rewritten our book of business and implemented a new underwriting philosophy. Because we sustained this process, we are now in an excellent position to capitalise and whilst there was some short-term pain, we are now reaping the rewards. We have 7% growth on quote activity and our conversion ratio is still at 31%. The message from Commercial Express is that we are open for business and we look forward to engaging with our brokers.
I thank you for your continued support, not only during the last few years, but since we began in 1999. Thank you to the brokers that have been part of the journey since we began.