Market and product data…got the time to be proactive?

Bet you have been in a conversation when a colleague or associate has mentioned an industry change, and you have thought ‘how do they know that?’ or worst they always seem to be ahead of the latest product trends or customer activity. Are they investing proactively in industry reports or data to gain valuable competitive advantage?

Introduction 

Insurance brokers play a crucial role in helping customers navigate complex policies, but many can fall short in keeping up with industry trends and customer insights. In an evolving market, some brokers rely too heavily on outdated models, missing emerging products, regulatory shifts, or changing consumer expectations. This knowledge gap can leave customers underserved and brokers struggling to differentiate themselves from more agile competitors. Staying ahead requires proactive research, strategic networking, and leveraging data-driven insights—yet too often, these essential practices are overlooked. Lets consider what could be involved and where some valuable reports and data can be found.

Areas to research

 If you're looking to dive into market and product trend analysis as an insurance broker, it's all about staying ahead of shifts in consumer behaviour, regulatory changes, and emerging risks.

 Here are some proactive areas you might consider:

·         Industry Reports & Data – Regularly reviewing reports from sources like the ABI (Association of British Insurers) or FCA (Financial Conduct Authority) can provide insights into market trends.

·         Competitor Analysis – Keeping an eye on leading brokers and insurers to see how they’re adapting to new demands.

·         Tech & Innovation Tracking – AI-driven underwriting, and embedded insurance are disrupting the market.

·         Regulatory Shifts – Compliance frameworks like Consumer Duty, as it evolves, are changing how brokers engage with customers.

·         Customer Feedback – Understanding policyholders’ pain points can guide product development and improve service offerings.

I am an insurance broker!! What is the really important stuff?

 As an insurance broker, getting the most from your proactive research is vital, so here are a few suggestions:

 ·         Industry Reports & Data

Aon UK Insurance Market Overview – This report highlights softening market conditions, increased competition, and insurer financial performance. It discusses pricing trends, risk management strategies, and sector-specific challenges, such as claims inflation in motor insurance. You can explore it here:

UK Insurance Market 2024: Softening Conditions & Opportunities | Aon.

Statista UK Insurance Industry Statistics – Offers a broad overview of the UK insurance sector, including market size, premium trends, and leading insurers. It also covers mergers and acquisitions affecting the industry. You can find it here:

Insurance industry in the United Kingdom - statistics & facts | Statista

IBISWorld General Insurance Market Report (2015-2030) – Provides long-term industry forecasts, revenue trends, and insights into regulatory impacts. It also examines premium fluctuations and the role of London as a global insurance hub. You can check it out here:

General Insurance in the UK - Market Research Report (2015-2030)

·         Competitor Analysis

Aon UK Insurance Market Overview – Offers a broad analysis of market conditions, pricing trends, and competitive dynamics, including insurer financial performance and risk management strategies. You can find it here:

UK Insurance Market 2024: Softening Conditions & Opportunities | Aon

The Top 10 UK Insurance Competitor Analytics – Lists the top insurance competitors in the UK and highlights emerging trends such as digital transformation, Insurtech, and usage-based insurance. You can check it out here:

Uk Top 20 Insurance Competitor Analytics - The Most 10 Of Everything

 ·         Regulatory Shifts

 IDEX Consulting’s 2025 Insurance Regulatory Changes – Covers evolving regulations impacting insurers and brokers, including Consumer Duty expansions, data protection updates, and climate risk disclosures. You can explore it here:

2025 Insurance regulatory changes for UK and US insurers and brokers

Browne Jacobson’s Insurance Sector Insights 2025 – Discusses the FCA’s intensified oversight on consumer protection, undisclosed commissions in motor finance, and compliance expectations for brokers. You can find it here:

Regulatory: Insurance sector insights 2025 | Browne Jacobson

Daily Posts’ 2024 onwards Outlook on Insurance Brokers – Examines the evolving role of brokers, including regulatory challenges and opportunities in the UK insurance landscape. You can check it out here:

The Transformation of Insurance Brokers in the UK: A 2024 Outlook

The thread…

If you are reading this and wondering, how can I ensure that I stay informed, review the right kind of reports & data, analyse them and use the outputs to improve the customer’s buying experience? Ask us about how we can provide support that will keep you operating effectively and compliantly, and we will work with you to provide a solution that gives you confidence and the conviction that building customer trust and experience is making a positive impact within your business and on your customer relations.

And Finally…

 I signed up for a seminar on “Being More Proactive.” It got postponed, with a future date yet to be decided.