Is There A Future For Brokers In Non-Standard Motor Insurance?

The UK market for personal motor insurance is among the most competitive in the world.

Over time, some marked characteristics have emerged, including:

1. the surge of price comparison websites (PCW) as the dominant distribution channel, creating unprecedented price transparency, but also amalgamating significant market power into a few hands;
2. a race among underwriters to build the most sophisticated pricing algorithms, leveraging data and technology to drill into customer behavior and claim projections; and
3. the singling out of a significant part of the market as "non-standard", due to elevated, less predictable risk profiles, e.g. young or older drivers, drivers with convictions or recent accidents, or a restrained availability of standard data, as in the case for vintage or high value cars.