It is no secret that brokers across the market face ongoing challenges in managing legacy accounts and resolving aged technical and cash transactions: challenges which perpetually divert attention from live clients and new business opportunities. Pro Global's Broker Services division, an internationally recognised run-off and legacy business administration specialist, offers transformative solutions that turn legacy liabilities into strategic assets for brokers.
The Legacy Burden for Brokers
Legacy business is often seen as an inconvenient burden, impacting the value and profitability of broking operations. The challenges range from the ongoing cost of managing accounts in run-off to resolving aged funding, unallocated cash, and retaining knowledgeable staff. Legacy systems, often outdated and incompatible, add to the complexity, requiring costly maintenance or intricate transfers.
For brokers, a passive approach to legacy management might yield satisfactory results, but a proactive strategy can unlock significant benefits. Pro Global’s proven track record in descaling over US$3 billion in liabilities across various business classes positions us as a key ally for brokers seeking a strategic shift in effective and efficient legacy management.
A proactive legacy management strategy involves identifying, segregating, and de-scaling entire legacy portfolios, allowing brokers to focus on growth and core business activities.The key lies in a dedicated, multi-functional team, including claims handling, technical processing, IBA resolution, and credit control expertise.
This can be achieved by diverting experienced resources to establish an in-house legacy team or outsourcing to a specialist provider like Pro Global. From premium and claims technical accounting to legacy broker acquisition, our expertise is renowned for ensuring a comprehensive and strategic approach to legacy management.
An opportunity for Transformation
As the market plans for highly competitive market conditions across many classes of business in 2024, brokers can view legacy business not as a burden but as an opportunity for transformation. Pro Global’s Broker Services division stands ready to assist brokers in navigating the challenges of legacy administration. By adopting a proactive approach, brokers can unlock value, protect market reputation and optimise processes to minimise the legacy burden going forward.
Broker Transfer: A Path to Finality and Certainty
For brokers seeking finality and certainty in legacy management, the Broker Transfer solution provided by Pro Global is a game-changer. This solution allows Pro to assume entire legacy portfolios and accounts, becoming the formal Broker of Record.
The process usually involves an interim period where Pro works with Brokers to ring-fence the business to be transferred and ensure a smooth transition. Following regulatory approvals, Pro takes on all obligations and liabilities for ongoing administration, providing brokers with the freedom to concentrate on their core business priorities.
The call to action is clear: By collaborating with specialists like Pro Global, brokers can concentrate on strategic growth opportunities while we handle the complexities of legacy management. This allows them to reduce the unwanted distraction of legacy liabilities, optimise operational processes, and resolve long-standing issues. The future of brokerage lies in transforming challenges into growth potential. While our clients lead the way in their respective fields, Pro Global is here to provide our expert support.