Return to work: Insurers ready to get suited and booted

A new survey of MGAA members shows that the vast majority are ready for a return to face-to-face client and broker meetings following the economic shock of lockdown and negative headlines circling the industry.

Conducted by insurance comms agency, Full Circle, the survey reveals the financial impact of COVID-19. When asked whether the pandemic and government lockdown had negatively impacted their business financially, just over half said that it had. One quarter said their finances had not been negatively affected and the remainder not committing either way.

Nearly three quarters have taken some form of action to help brokers and policy holders during the pandemic. These ranged from extending renewal dates (43%) and offering premium holidays (33%), to offering either free cover or free extended cover (28%). Other measures taken to help included waiving policy exclusions (15%) and cancellation fees (13%).

Full Circle's executive director, Alex Wise said: “The UK Government lockdown has called for significant changes in the way both the insurance industry operates and how it communicates. For an industry that is often seen as change-resistant, the transition and flexibility it has shown is all the more impressive. And yet, as the survey shows, there is clearly a hankering for a return to the traditional face-to-face way of doing business.”

“Whilst no one doubts the importance of relationships and networks in the insurance market, turning our backs on what necessity has shown can be done, would be a mistake.”

Reflecting on the finding that almost three quarters of MGAs had introduced new measures to help alleviate the economic shock of lockdown, Wise added: “Given the negative headlines circling insurers recently, it’s perhaps a little surprising to find so many have actively being trying to help brokers and their clients. More needs to and can be done to help balance this equation and with it, the reputation of the industry.”

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