Brokers must keep a watchful eye on cover as clients face challenging year ahead

The Society of Insurance Broking has urged the market to step up to help clients cope with a challenging year ahead, as labour shortages, increased materials costs and regulatory risks abound.

Kevin Hancock, chair of the society, and managing director of Yutree Insurance, said: “Looking to the year ahead, I believe the dominant theme for our profession will be ensuring that…cover and the sums insured are under regular review as labour and materials costs continue to increase.”

In addition to helping clients cope with the ongoing impact of the pandemic and Brexit, he added, the profession will need to need to review and refresh its product offerings to meet regulators’ standards and requirements around fair pricing and product governance.

“As many brokers are seeing a hard market for the first time, our society will continue to support brokers by producing a series of webinars and articles to help members explain market dynamics to their clients. We will also provide useful tips to insurance brokers on how to work with insurers and manage customers’ expectations.”

Hancock said the Society would also focus on attracting fresh talent to the profession in 2022.

“We must do more to make insurance a more accessible degree course, and to increase the availability and awareness of insurance apprenticeships, which are both excellent routes into our profession,” he noted. “There are many impressive apprenticeship training providers and in my firm we’ve benefitted first-hand with two of our valued team following this path into broking.”

Gill White, chief customer officer of the Chartered Insurance Institute, added: “We are proud of the work we do with our partner universities and are committed to continuing this in 2022. Yet we must do more to attract the next generation.

“It is vital we all help young people understand the breadth and diversity of careers available to them in our profession, and where talent is at a premium we must reach out proactively. Enabling younger people to gain both a standard qualification, like a degree alongside professional qualifications increases their capabilities and sets them up for more immediate workplace success.”

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