Half of all insurance brokers fear for the future
Half (51%) of 341 insurance brokers surveyed between 17 April and 1 May 2019 are worried about the future of their business according to research from the Society of Insurance Broking (SIB).
When surveyed by the SIB, 94 per cent of brokers said that, as they enter an uncertain time in the market, 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.”
The full list of research questions and responses are as follows:
The future of insurance:
- I worry about the future of my business. 51% Agree.
- As new technologies and products are developed, I am investing in myself and my staff to ensure we keep ahead of the market. 74% Agree.
- New technologies and automation are making personal relationships more valuable than ever to clients. 79% Agree.
- As we enter an uncertain time in the market, knowing your customer is more important than ever. 94% Agree.
Trust in insurance:
- It is important that my clients know they can trust me with their business. 99% Agree.
- Being able to trust a broker with your business is more important in the commercial lines sector than in the personal lines sector. 58% Agree.
- Current market uncertainty means that having a good relationship with clients built on trust is more important than it was before. 88% Agree.
- I demonstrate that clients can trust me by my professionalism and qualifications. 90 Agree.
The Chartered Insurance Institute (CII), the leading professional body for the global financial services profession, exists to promote higher standards of integrity, technical competence and business capability. With over 115,000 members in more than 150 countries, the CII is the world's largest professional body dedicated to insurance and financial services.
Our membership covers all disciplines within the insurance industry (claims, broking, underwriting), those working in the life and pensions sector, the mortgage advice market and financial advisers (under the Personal Finance Society brand).
Our Royal Charter requires us "to secure and justify the confidence of the public" in our members and in the insurance and financial services sector.
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