Thought provoking article on brokers

Steve Bennett:

Whilst conventional wisdom dictates that the middle man offers little to the discussion and always has his price, in the complex world of insurance, things are not so simple. Insurance brokers are independent and knowledgeable; available to handle complex insurance needs and claims; provide an individual approach to customer service.

However, it is crucial that the broking market does not rest on its laurels and ignore the changing needs/habits of their customers to sustain rewarding relationships.

A major challenge the insurance industry faces is the change of attitude and needs of the consumer. The rise of digital not only changed what people demand, but also how they want it to be supplied. Brokers have to offer personalised products for each individual.

Insurance brokers acknowledge the fact that times are changing. They are aware that they can’t afford to be stubborn. Consumers have different demands and needs, and a closer more personalised approach is becoming increasingly important.

The threat of being cut out as the middleman is a factor brokers have always contended with and this looks set to increase with new entrants to the industry. It’s up to the traditional insurance broker businesses to keep their eyes open for opportunities to think proactively about ways to cope with new technologies and embrace new trends instead of playing the waiting game or not believing the hype.

There is no way around it, the time of not believing is over.

To read the full article go to HERE to view the discussion on Linked in