Insurance brokers fear for future

Half of the 340 insurance brokers taking part in a survey about the future say they are worried about it. Conducting their survey in April this year, the Society of Insurance Broking (SIB) survey suggests that 94% of brokers say gaining the trust of customers is now 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 in 10 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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