Case Study
Cherish Insurance Brokers Ltd are a property insurance MGA whose core products include home insurance, second home insurance and landlords insurance, distributed through a network of over 800 brokers throughout the UK from their rural offices in Wix, Essex.
When Cherish approached ibroker in late 2018, they were working at maximum capacity to service their £3m per annum turnover with a small staff of around 7 complemented by bespoke in-house software.
Time to Grow your Business
Cherish wanted to lock into the huge untapped portion of their core market but faced the not unusual ‘catch 22’ dilemma of employing more resources at the risk of overstretching cashflow, or alternatively, improving efficiencies. Managing Director Neil Bresler chose the latter and attracted by the zero up-front costs offered by ibroker, approached us. The ibroker SaaS platform was implemented into the Cherish business in March 2019.
The first noticeable improvement with the newly installed ibroker software was the speed at which they could turn a quote around. Where previously it had taken up to two days to process a quote manually, they were now able to do this in minutes, in fact they found that they could turn the whole buying process from quote to requesting cover in less than five minutes.
Brokers relished the improvements to their online experience and flocked to engage with the new quote and bind facility.
At that time, the average monthly GWP for Cherish was around £250k. The huge time savings provided by the new software gave Neil the opportunity to grow the business and more than double the GWP in 2020 to almost £7m without further increasing resources. A huge success you might think, but the story does not end there…
In 2021, we introduced the auto renewal process into Cherish’s ibroker system, which again produced considerable time savings allowing Neil to grow the business even further. 2021 saw GWP increase to over £12m and under the guidance of its new Managing Director Alan Johnson, Cherish are on track to produce over £18m of GWP in 2022, with no significant changes to staffing resources.
