News
New research as Finsure re-brands to 'RBS Finsure'March 5th 2007
Broking is tougher now than ever before, according to 94 per cent of insurance brokers.
Just under two thirds (62 per cent) believe regulation, compliance and bureaucracy have much to answer for, while over a quarter (28 per cent) think that competition from other sources is the principal problem. Other culprits include shrinking markets, cut-throat rates, and growing customer scepticism.
This is the verdict of 1500 brokers who took part in new research by Finsure, the NIG-owned premium finance provider, which today celebrates its official re-name to RBS Finsure. The findings - which include a variety of facts, figures and anecdotes - have been compiled into a short, illustrated book, which has been sent to key brokers and is available to download from www.rbsfinsure.co.uk, and provides an insight into what it's like being a UK insurance broker in 2007.
Questions ranged from the serious to the light-hearted, and invited brokers to describe aspects of their daily work-lives - things that equally frustrate and amuse them, as well as things that make the job worthwhile.
Brokers embraced the chance to name the most unusual insurance question they'd ever been asked. Answers included:
- Can I claim 'loss of profit' if I don't make any?
- Do you have to own the item to insure it?
- Can you give me a quote for my car, it's big and red?
- Fire and theft - does that mean my car has to be both stolen and set ablaze?
As for the wackiest item they'd ever been asked to insure, favourites included 'A stone called Michael', 'Breast implants', 'Four tones of jelly for use in a film', and 'A performing dog.'
Customers, however, were also cited as a source of consolation, as well as a point of occasional exasperation. Fifty-five per cent of brokers identified working with a rich mix of clients as the single greatest thing about being an insurance broker, with nearly two thirds (65 per cent) agreeing that a truly satisfied customer was enough for them to put up with the day-to-day petty gripes.
Says Trevor Brittain, MD, RBS Finsure, "Finsure has today become RBS Finsure to enhance its reputation as a key player in the premium finance industry. By including RBS in our name we bring the strength of a well known customer brand to the premium finance market. To celebrate this evolution we thought it timely to poll the people important to our business - the brokers themselves. It's essential to us that we retain the personal touch and agility that has always been central to our approach, and balance it with the many customer benefits provided by the RBS group.
"Our brokers may be finding it harder than ever to do their jobs, and naturally, we can't alone solve all their problems. But we're determined to make premium finance one less thing for them to worry about."
Insurance brokers were also given the opportunity to suggest ways in which the industry could be improved. If they had the chance, this is what brokers would like to consign to history's dustbin:
- 63 per cent would reduce the burden of regulatory compliance
- 38 per cent would bin the endless reams of paper work
- 28 per cent would eliminate competition from other sources
Positive changes they would bring to modern insurance broking:
- 43 per cent would raise broker salaries
- 34 per cent would renew faith in the role of the broker
- 15 per cent would shorten working hours
