Anno 2030, the broker evolves in a more digital ecosystem in which their relational role remains an advantage. The insurance market continues to grow, with the need to protect consumers from new emerging risks. More broadly, we are witnessing a consolidation of the sector, which is divided between generalist and specialist players, say Patrick Cauwert (Feprabel), Annie Courbet (Brocom), and Erik Weekers (FVF).
“Today, in 2030, the trends of recent years are confirmed. On the one hand, there is an increased consolidation among the players in the sector and, on the other hand, we see the emergence of niche players. We live in a somewhat binary situation: firstly, generalists who cover all services included the corporate segment, and secondly, specialists in one field that are more retail-oriented. We also see diversification with new players such as GAFAM, embedded insurances and more digital players. Growth is limited but supported by new consumer needs.”
Annie Courbet
Managing & Marketing Director Brocom
"Brokers are increasing their market share and they remain leaders. Along with sales and advice, the service part of their role is the broker's added value. Word-of-mouth remains a privileged channel in the relationship between the broker and their client, but both the pre-sales and after-sales phases use more and more digital tools. Today, we have to offer a smooth experience from the “search” through to “claims”. And I would add that the broker has an even more important societal role than in years past.”
Growth is limited but supported by new consumer needs.
“From the customer's point of view, the broker is more accessible and organizes their relationship through different digital channels such as social networks, websites, and platforms. This integrates both aspects: digital and physical. Today, in 2030, the broker is hyperconnected while maintaining their in-person relationship with clients. On the one hand, they are adapting to the new, more digital generations, and on the other hand, they keep servicing an older clientele. The two models, both classic and new, will co-exist.”
In 2030, the broker is hyperconnected while retaining the relationship.
"We are part of an evolution, not a revolution. Consolidation is slow and only a few fintech experiments survive. Insurance is a specific business that requires know-how and people. Partnerships can be formed between companies and manufacturers, but I am still perplexed about embedded insurances. We continue to develop a culture of innovation to seize new opportunities. With their openness, brokers are the ones who make the ecosystem.”
"In consolidation, we see that the larger offices are buying the smaller ones, more so than smaller offices merging. This is logical because profitability is immediately present in the first case, which is not true in the second. One point is important: as the brokerage profession is subject to access to the profession, we make sure to continue to attract young talent."
Patrick Cauwert
CEO Feprabel
We continue to develop a culture of innovation to seize new opportunities. With their spirit of openness, it is the brokers who make the ecosystem.
“We must be careful not to neglect the risk of losing market share in life insurance, particularly because of compliance. More broadly, we have to adapt to new regulations at both Belgian and European level. The strength of the brokerage business is its non-homogeneity. Each insured person, individual and/or entrepreneur, has a broker in his or her environment who looks like them. To understand someone and help them, you have to be like them. We can see that brokers' portfolios, especially the smaller ones, resemble their clients. That’s why we need young talent to attract new customers.”
We must not neglect the risk of losing market share in life, especially because of compliance.
“There has always been talk of the end of brokers, but today we are still growing. Brokers are adapting and insurance is still needed more than ever because there are constantly new risks emerging that consumers want to protect themselves against. Digital is still becoming more important, but the relationship remains and this physical presence is a plus for the broker.”
“Consolidation is present and it is a challenge for federations. Brokers group together more and more, but federations must also support small brokers. Our business is very heterogeneous, brokers work for individuals as well as for large companies. As a federation, we have a responsibility to help the smaller brokers remain profitable and meet the challenges of digitalization and regulation. Last but not least, in order to attract new talent, we carry out many activities with young people and we see that they are interested. It's a long-term job.”
Erik Weekers
CEO FVF
Brokers are adapting and insurance is still needed more than ever because there are constantly new risks emerging that consumers want to protect themselves against.
“Brokers and the industry still need to be more efficient. When it comes to digitalization, we see that brokers are simultaneously becoming more and more connected, while remaining tailored to the specific needs of their clients. But fundamentally, brokers continue to adapt as they have always done, and the core business remains the same. The diversity of clients is reflected in the diversity of brokers. Smart regulation must develop to find a good balance between regulation and consumer protection.”
A broker who works with individuals is not the same as one who works with a business.
About the interviewee
A graduate in economics from UCL Mons, Annie Courbet has spent most of her career in the banking sector. Since 2017, she has been Managing & Marketing Director of Brocom, a marketing platform that brings together 2,300 Brokers, the 2 Broker Federations, and 17 insurance companies whose aim it is to promote and consolidate the position of brokerage in the insurance market.
Active since 1984 as a broker, Patrick Cauwert joined Feprabel in 1998 as Secretary General and became CEO in 2008. Feprabel is the Federation of Insurance Brokers and Financial Intermediaries of Belgium. Its role is to represent and to defend the interests of these professions.
Erik Weekers has a long relationship with the insurance sector. He started his career in 1991 at Belfius and, over the years, built his experience at companies like AXA and Vivium. In January 2023, Erik Weekers became CEO of FVF. FVF is the Federation of Insurance and Financial Intermediaries and represents two-thirds of the Flemish brokers.
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