Insurance Nottingham

Insurance, Nottingham

Oakes Insurance endeavour to ensure our web site is designed to be compliant with W3C standards. If you are using a screen reader, or any other device where this text is accessible and you're experiencing difficulties please Contact us immediately.

Time for brokers to rise above the customary bashing

Author: Andrew Pearce

Source: Insurance Age | 10 Aug 2012

During a week in which the Insurance Age newsdesk was largely consumed by the usual swathe of half-year financial results, one piece of broker bashing still struck a chord.

A mystery shopping exercise by the Daily Mail's sister finance title This is Money warned that brokers can lead to"wallet-busting differences" when compared to people buying their insurance directly through a price comparison website.

In fact, the article warned that buying insurance through brokers could push the price of premiums up by £500 a year. It led to Biba expressing its disappointment with the article.

Certainly, it is always easy to hit the middlemen. But the report most definitely misses the point.

Forgive me for speaking the obvious, but while many brokers may be on aggregator sites other forms of broker service are inevitably going to charge more. Their offering is entirely different to what these websites look to provide.

Cheapest policy
And all the better for it. I am hearing more and more from contacts in the industry, as well as friends about people opting for the cheapest policy online only to find out later, that due to a small clause found on page 45 of the attached internet document, they are not entitled to the claim they thought their cheap premium essentially guaranteed them.

Perhaps if they had gone directly to a broker rather than a website they may have been aware of the pitfall of the policy they were about to snap up.

And maybe this is the point. The internet-savvy generation is probably less wise about the uses and benefits of brokers than in the past. The challenge that brokers must now confront and tackle with gusto is to show the public why they should be the first port of call.

Personalised service
During an era of impersonal transactions across the board people are beginning to look for a more personalised, reassuring service across many areas of the UK economy and now is the time for brokers to make that count when it comes to insurance.

As noted above, Biba responded swiftly to the dose of national newspaper coverage and listed the benefits that brokers can bring to the process. More emphasis on the positive role they can play would be welcome by both the people at the coalface and this representing body.

This is ever-more crucial with a report published some weeks ago revealing that UK brokers have seen their revenues fall by an average of 3.9% every year since 2007.

They may make premiums a tad more dear, but you can't put a premium on honest, upfront, personalised service. It's time to make that count.



January 2021 (2)

December 2020 (2)

July 2020 (1)

May 2020 (3)

April 2020 (3)

March 2020 (1)

February 2017 (1)

November 2015 (1)

July 2015 (1)

June 2015 (1)

April 2015 (1)

February 2015 (1)

October 2014 (1)

September 2014 (2)

August 2014 (1)

June 2014 (2)

April 2014 (1)

March 2014 (1)

February 2014 (1)

December 2013 (4)

August 2013 (4)

May 2013 (2)

April 2013 (3)

March 2013 (3)

February 2013 (2)

January 2013 (1)

December 2012 (4)

November 2012 (1)

October 2012 (2)

September 2012 (2)

August 2012 (1)

July 2012 (1)

June 2012 (1)

May 2012 (4)

April 2012 (3)

March 2012 (3)

February 2012 (4)

January 2012 (3)

December 2011 (2)

November 2011 (4)

October 2011 (2)

September 2011 (4)

August 2011 (4)

July 2011 (3)

June 2011 (7)

May 2011 (8)

April 2011 (4)

March 2011 (6)

February 2011 (7)

September 2010 (2)

July 2010 (1)