QBE Group is looking to new relationships with major brokers as its new global distribution business headed by former Australian Operations CEO Terry Ibbotson targets new business growth of $1 billion over the next three years.

He told the company’s investor presentation in London last week of his plans to “improve strategic alliances with all major distributors”.

QBE is currently undertaking a review of mutual interests with major global brokers to improve and align distribution, product delivery, technology and customer service.

Mr Ibbotson says major international brokers are looking for growth in new markets while increasing their share of existing markets in order to realise scale and efficiency gains.

“Traditional insurer and intermediary business models are unlikely to generate required investor returns in the future, given increased competition in middle and small business markets,” he said.

As a result, QBE aims to align the business with the strategic initiatives of major distributors according to both geography and market sector.

The insurer intends to add value through existing business and underwriting capacity and through developing complementary “business processes and technology”.

The strategy “enables QBE to be more effective in deployment of resources – ensuring that we have the right resources where we need them, when we need them,” he said.