Insurance brokers encouraged to build better relationships

Society-of-Insurance-Broking-New-Generation-report-on-the-importance-of-trust-in-sme-insurance

Authored by the Chartered Insurance Institute

Insurance brokers should build on existing good practice by educating consumers about the products and services available, according to the Chartered Insurance Institute’s New Generation Group.

A report produced by the Chartered Insurance Institute’s New Generation Broking Group for 2018 to 2019 recommends insurance brokers take the following action to increase public trust:

  • Ensure clients understand why they need to purchase a particular product or level of cover
  • Change the focus of conversations from price and start with value
  • Be honest about what can and cannot be done
  • Show loyalty to customers
  • Demonstrate understanding of the customer and their needs

The New Generation group, made up of rising stars from the broking profession, warned this action was vital to tackle the increased risk of policies being voided, cancelled, claims only partially paid or not paid at all, and previous payments even being recalled.

Natasha Hookings, member of the New Generation Broking Group, said: “Service is critical to building trust. This means the personal touch, building relationships and making contact with consumers, which should be supported by technology to understand their needs and deliver adequate solutions.

“The market must evolve technology so that an excellent service can be delivered. Both people and technology are key as systems must work efficiently and break down data to help us better understand our customers’ needs. On this basis, innovative products, such as telematics and apps which help customers manage their policies, should be more widespread across the sector.”

Matt Connell, director of policy and public affairs of the CII, said: “The CII has long discussed the importance of trust and confidence in insurance. We believe both can be restored if professionals are crystal clear about what needs can be met by products and services. I recommend insurance professionals read this thought-provoking report from the New Generation Group.”

Each year, the CII seeks rising stars to join the professional body’s flagship talent programme, the New Generation Group.

The group is made up of 40 promising professionals split into four groups - claims, underwriting, broking and the London market - who work together on a project they believe could make a difference to the insurance profession.

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About CII

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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