hubb's Rump Insurance ad campaign has been met with overwhelming public positivity as the 8-part insurance mockumentary exploded across social channels, nearing over 100k combined views in less than a week.
We always knew that it would ruffle a few feathers and that some will be left privately seething. But nobody could honestly identify with this to take offence.....could they?
What we weren't prepared for was the alarming number of insurance professionals who highlighted how, something that was meant to be a ridiculous parody, was actually not so far from the truth.
That...is a scary thought. ‘Rumpism’ is alive, accepted and pervading the insurance industry up and down the country.
Of course, this was never made for a broker audience. But customers must be made aware of some of the bad practices so that they can be sure to avoid them.
In each episode, we aim to highlight one such issue, some of which include:
- Encouraging customers towards the highest commission, not the best coverage
- Swapping premium saving for higher commission or "carrying premium"
- Being selective over the terms that are shown or witheld
- Asking insurers to No Quote the risk in order to block the market
- Selling costly finance options where free finance is otherwise available
- Not disclosing earnings, either proactively or when asked
- Winning on price by using financially unstable insurers
- Withholding renewal terms until the last minute to limit options
- Putting themselves forward as having access to the whole insurance marktplace, when in reality, clients are recommeded to those insurers that offer brokers the best profit/overrider deals
We can act cute and say that this doesn't happen or that it's just a rogue few - but now try and say it with a straight face.
Whether it's brokers actively training staff on how to push premium finance on customers, withholding terms or actively asking insurers to no quote risks - some of these practices have become so normalised that people have stopped recognising how ethically corrupt they are.
How is undertaking a mock-remarketing exercise and manipulating the terms that come back ever in the client's best interest?
The pandemic has led to greater distrust than ever before in brokers. In fact, a recent survey by hubb revealed that customers now trust their brokers less than they trust insurers.
We must collectively hold ourselves to higher standards and outlaw the bad practice that has crept into our industry. We've made no bones about the fact that hubb believes commission is a fundamentally broken model. With a percentage of premium, a broker is financially rewarded for keeping their client's premium high and punished for getting them a better deal. Many of these issues would disappear overnight if the industry switched to a proactively disclosed, fee-based model, usage-based or otherwise.
Perhaps if we won't change on our own accord, it's time that Toto pulls back the curtain on the Wizard of Oz, so that Dorothy can see what is really going on.
We're happy to play Toto - the question is who is going to be left stood behind the curtain.
See Hubb Insurance TV Channel HERE
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