Brokers will continue to play a key role over the next five years, but may have to adjust their services and “value proposition” to end customers, according to an Underwriting Agencies Council survey.

About 45% of respondents in the annual survey see no change to the broker role, while an equal percentage view brokers as continuing to have similar importance, but with changes required.

The remaining 10% say brokers will be of reduced importance due to changing end-customer buying behaviour.

“Brokers who place complex or specialist products will retain their place as experts, while those focused on low-value, commoditised products may need to adjust their services to remain competitive,” UAC GM William Legge says in the report.

“Claims may be an area in which brokers can excel.”

The survey for the first time ranks using operational systems to improve flexibility and scalability as more important than improving broker relationships, although both are considered critical.

“There is a noticeable interest in taking advantage of past system investments to build business, particularly through data insights,” Mr Legge says.

“This is supported by a focus on growth in existing markets where analytics can identify opportunities for cross-selling and upselling, and support the development of more complex products at a lower cost.”

The survey also finds 90% of respondents are optimistic about the future of their business, while 88% see growth potential in their markets, up 10% on a year earlier.