Q&A with a broker at E & G insurance
E&G are an independent national broker registered in the UK. I spoke to one of their account executives to break it down, what's the role of brokers today and where is the market going? Read more below to find out directly.
● What is the role of Brokers in insurance?
Brokers form an important bridge in understanding between businesses/private individuals and insurance companies. Insurance can be a confusing and detailed business so having someone that understands your needs and the cover available cater to those needs can be of great benefit. The reason comparison sites have become so popular is partially as consumers don’t have time to talk to multiple insurance companies, they are concerned about constantly handing over personal details and then fear the dreaded multiple call-backs. We offer the consumer a comparable service, just in a far more personal way. We take pride in understanding the small print so we can help consumers understand their policy better, we can also offer assistance when a claim arises, potentially achieving much better results on the level of compensation awarded.
● How do brokers help customers get the best deals?
Brokers like us have access to a panel of insurers that offer a vast array of products. Our responsibility is to understand the needs of a client and then take those requirements to the market to find the best deal. It is important to note that the best deal is not necessarily the cheapest, but the one that offers you the best cover. Ultimately, this is why you get insurance in the first place and taking the cheapest policy doesn’t always guarantee that you are getting the best value. Comparison sites have changed the insurance business landscape. They certainly have a role for standard needs, however not everyone has a standard need and this is where consumers can really benefit from using a Broker to find the best deal for them. We know the questions to ask to ensure your policy is tailor-made for you and sometimes we can even access deals that people going directly to the insurance provider can’t!
● What do brokers see as the challenges today? And in 5 years?
For the last decade, the way we live our lives has become more and more digitally weighted. The role of Insurance Brokers has changed drastically with the rise of comparison sites and self-service online platforms. As we enter an age of Artificial Intelligence, Brokers must adapt to serve the needs of people and businesses that may fall outside the capabilities of AI and the internet. In 5 years the landscape of the insurance market could change drastically but the core requirements in our lives will remain the same. It is down to Insurance Brokers to keep up to date with the latest technologies and methods of business conduct, whilst also maintaining the USP of brokers which is a personal service to individuals and businesses. With a cultural move to renting not buying, will home insurance be led by landlords rather than homeowners? Will owning or using a car become a luxury and therefore temporary insurance becomes more common? What impacts will Covid, Russia and global warming for example have for the future of insurance? Are the risks higher than in the past, or are people more conscious to protect against them.
● What are the opportunities out there for people looking for help with their insurance?
Insurance can be a tricky conundrum. For people in all walks of life, knowing what an insurer wants to know about the things that are important to you isn’t always obvious. Being able to approach a Broker means that you can talk to someone who not only understands the things that matter to you, but they also understand what information is required to insure those things. While technology and Artificial Intelligence has become seamless in its processes in most cases there will always be a need for reassurance that a real person is on the other end of the phone and can put your mind at ease. The ‘one size fits all’ model feels less relevant as people's needs are evolving, is there a need for a more modular approach in the marketplace?
● What opportunities are out there for Brokers at the moment?
The opportunities for brokers today are much the same as they were 50 years ago. There is still a need across the country for a personal service and an individual understanding of people’s needs and there will be for many years to come. The key difference nowadays and in recent times is the increasing capabilities of technology in our industry. It is up to Brokers to understand these opportunities and utilise them. Whether that is white-labelling intelligent online brands that offer a self-service platform to consumers or creating products of their own in partnership with insurers to continue to service their consumer base. With new products and a move to the digital world and asset owning there will also be opportunities to insure new products with different risks so if Brokers stay in line with developing curves, there are large market opportunities out there.
Thanks Tristan for taking the time out to give me your view.