Insurance brokers fear for their future in uncertain times: report

Insurance brokers are worried about the future of their business amidst all the technological advancements and changing re/insurance landscape, suggests a new report by the Society of Insurance Broking (SIB).

Almost 51 percent of the 341 brokers surveyed between April and May 2019 expressed their concern about entering an "uncertain time" in the market.

94 percent said they believe that knowing their customers and gaining their trust is more important now than ever.

With technological advances and additional automation in processing continually evolving, 99 per cent of brokers felt that trust was a defining feature of their business.

Nine out of 10 insurance brokers agreed that trust is demonstrated to clients through high levels of professional conduct and professional qualifications.

Liz Foster, non-executive director of the Society of Insurance Broking, said: “From this research it is clear how much emphasis the broking profession places on the human element in the insurance process.

“Insurance is fundamentally about people, and trust is a significant factor for society’s engagement with the insurance sector.

“Although brokers are realistic about the need to embrace new technologies, it is still essential for them to know their clients and be able to assist them in making important decisions about the insurance products that meet their individual needs. Brokers who know their clients have nothing to fear.

“Nothing beats the very best in human expertise and professionalism, something that our broker members pride themselves on, and their client’s value greatly.”

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