Shining a light on the Value of Insurance Brokers
In a world increasingly shaped by technology, the enduring power of client relationships cannot be overstated. The recently commissioned Brokers Ireland Value of Insurance Brokers report in collaboration with Grant Thornton, underscores the pivotal role that Insurance Brokers play in maintaining these relationships and fostering trust in an ever-evolving insurance industry.
The report reiterates the key role that Insurance Brokers play in delivering value through a myriad of facets: choice, price, coverage, risk management, alongside it’s bedrock, client-broker relationship management.
The report not only underscores Insurance Broker’s multifaceted value but also points out the evolving landscape that they operate in. In a world where 50% of consumers surveyed lean towards online insurance purchases, the call for an effective online strategy is loud and clear. As 53% respondents’ resort to Google and online searches and another 46% turn to online comparison websites for insurance information, Brokers must adeptly adapt to meet their clients where they are.
Whilst the rise of digitalisation and automated sales channels cannot be ignored, Insurance Brokers must strike a balance by embracing technology to create a digital client experience while preserving the personal connection that clients value. The report highlighted that 52% of clients were in contact with their Insurance Broker more than twice a year. Insurance Brokers, armed with data-rich profiles, can use technology to provide personalised and efficient services. This, in turn, enhances customer satisfaction and loyalty.
As the business environment evolves, new types of coverage become necessary. For instance, the report highlights Cyber Insurance as an area where understanding and awareness is lacking, as only 25% of mid-large SMEs believe they require it. This knowledge gap represents an area where Insurance Brokers can add value and further enhance their role
As the report examines the challenges and opportunities that lie ahead, it becomes clear that the need for Insurance Brokers has never been greater. Complex issues are at play in the external market, and Insurance Brokers play a crucial role in simplifying them for their clients and saving them money in the long run when helping clients avoid being underinsured.
The Grant Thornton report underscores the strategic importance of Insurance Brokers in connecting insurers and clients, solidifying their role as critical intermediaries in the insurance industry.
Brand awareness is another crucial aspect highlighted by the report. While 91% of people have heard of Insurance Brokers, only 50% understand the full extent of what they offer and can do for them. This disparity presents an opportunity to not only serve their clients but to positively educate them, fostering stronger connections based on trust and transparency.
The incorporation of Insurance Broker branded lightboxes outside broker offices can play a pivotal role in projecting a strong, unified, and professional identity for Insurance Brokers and build robust awareness amongst the public. The distinctive blue circle within the Insurance Broker logo serves as a guiding beacon, directing clients toward Insurance Brokers and establishing the circle as the symbol of trust.
Whilst the insurance industry has long recognised the intrinsic value of Insurance Brokers, the time has come to really shine a light on this value, placing it at the forefront of consumers’ minds and, in time, on the front of every Insurance Broker office across the entire country.
The Value of Insurance Brokers report will be released to Brokers Ireland members at the end of November.
Promoting, Supporting and Representing Irish Insurance and Financial Brokers