The Evolving Mid-Market Insurance Landscape
The mid-market insurance landscape has undergone a significant transformation, characterized by a shift towards solutions rather than traditional underwriting. Graham Stait, head of claims at Allianz, notes that this change is driven by customer expectations for integrated risk solutions that combine risk transfer with comprehensive support.
This solution-focused approach creates opportunities for brokers to add value to their clients’ businesses. Stait emphasizes the importance of understanding clients’ risk profiles and providing tailored solutions to address their specific needs. The most pressing risks that brokers must help clients address include cyber threats and climate-related risks.
Addressing Cyber and Climate Risks
Cyber risk has become a top priority, with Allianz’s recent risk barometer listing cyber incidents as the top global risk for 2025. Brokers can help clients by offering:
- Tailored risk assessments
- Continuous threat monitoring
- Incident response planning
- Cybersecurity training for staff
Climate risk is another growing concern. Stait highlights the need for education and support to help brokers understand their clients’ carbon footprint and develop strategies for sustainability. Potential solutions include:
- Custom flood defenses
- Green building endorsements
- Incentives for renewable energy
- Support for emissions tracking
Enhancing Broker-Client Relationships
As risks become increasingly complex, brokers’ roles in shaping tailored solutions are more critical than ever. Stait stresses the importance of client intimacy and encourages brokers to involve insurers directly in client conversations. Practical ways to deepen relationships include:
- Facilitating insurer-client conversations
- Engaging early in the underwriting process
- Conducting regular claims reviews
- Sharing insight data to inform decision-making
Leveraging Technology
Technology is central to delivering smarter, more bespoke solutions. Stait notes that digital tools can simplify processes, analyze data more effectively, and free underwriters to focus on value-added activities. Brokers can:
- Use digital tools for proposal analysis
- Apply data enrichment to reduce administrative tasks
- Share data insights with clients and insurers
- Automate routine placement processes
By embracing these strategies, brokers can lead in a shifting mid-market and provide greater value to their clients.
