How Brokers add Value

2018-08-03 18:37:00.0
Insurance

How Brokers add Value 

1.We understand the risk: Businesses need to be cognisant of the wide range of potential risks they are exposed to. From day-to-day activities to overseas travel, there are many considerations. By developing an in-depth understanding of how a business operates, brokers help their clients identify the exposures requiring coverage.

 

2.Craft a tailored solution: An off-the-shelf, cookies cutter policy will seldom cover all eventualities. Brokers are best positioned to fully research the activities of their clients, establish risks and then work with an insurer that has direct capabilities in the relevant areas.

 

3.Consider Cost: Businesses are always looking for ways to reduce costs and insurance is often one of the first things to go. But if they select policies based on price, they’re potentially compromising their ability to meet their duty of care to their employees, customers or themselves. Large claims and/ or underinsurance stops businesses recovering and brokers can craft a solution that meets a client’s budget and risk profile.

 

4.Become the trusted advisor: Brokers have the opportunity to position themselves as the trusted advisor with their clients. They are ideally placed to educate businesses about the ever-changing nature of the risk they face and offer clients expert advice and guidance.

 

 

 

Amended from article by Cath Dickson, NIBA Insurance Auditor Magazine, August 2018 

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