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With the web based insurance comparison sites getting so much bad press, following recent publication of a ‘Which?’ survey showing them often giving more expensive quotes than if bought direct, is the time right for the re-emergence of the insurance broker as the best place to buy your insurance?
For SME business insurance, top UK insurer Norwich Union has announced that it is pulling out of writing insurance business directly with customers. Indeed, they are actively seeking a partner broker to whom they can offload the business that they’ve already written.
Nathan Walton, MD of local business insurance broker JSW Insurance Services comments: “For businesses to go anywhere other than a broker for their insurances is crazy in this day and age. Brokers have the independence to enable them to get genuine price and cover comparisons from a wide selection of insurers and have the expertise to interpret those comparisons and make proper recommendations to their clients.”
Considering the level of regulation imposed upon brokers by the government’s regulator, the FSA, meaning that brokers are compelled by law to put their clients’ needs first by giving best advice based upon the combination of cover and price, it would be difficult to argue with this statement.