Businesses Twice As Likely To Be Satisfied With Their Claims, When Working With An Insurance Broker.
The highly-respected Vero SME Insurance Index, in its latest study revealed some very valuable insights based on a sample of small businesses in Australia. These Vero findings were supported by Insurance Advisernet’s latest external independent research which included results from over 1,300 clients.
"“In a fast-moving world, brokers continue to have an important role to play in helping SMEs manage the risks that their businesses face” -Anthony Pagano (Vero Head of Commercial Intermediaries).
TWICE as Satisfied
One of the biggest findings in the 33-page report, revealed that businesses who chose to partner with a trusted insurance broker/agent, had double the level of satisfaction compared to those who chose to buy direct from the insurer. An astonishing 72% of SMEs that had made a claim in the last 12 months, were satisfied with their outcome - compared to only 37% of direct claimants (Vero SME Insurance Index, 2021)
Why Businesses Who Use An Insurance Broker Are More Satisfied With Their Claims
A survey run by Insurance Advisernet (NPS) found that their client’s overall satisfaction rating was 97%. So what explains these results? There are two main reasons that can explain why clients of insurance brokers are left twice as satisfied.
Firstly, it has been observed that businesses who use insurance brokers are more aware and better informed about their insurance policies, along with knowing exactly what they can expect from their claims. It is our job as insurance brokers, to know the ins and outs of the ever changing industry and communicating that information back to our clients. For example, we continue to see rising premiums with many insurers offering less cover or ceasing to write insurance in some areas. This, along with the changes due to Covid 19 and border closures. It’s our job to keep on top of these changes and ensure our clients clearly understand their policies and their rights. We take the guess work and the research out of the equation, saving you time and an unnecessary work load!
Secondly, at the heart of our relationships with our clients is collaboration. After building trust and understanding, it is important for us as brokers to ensure that building your insurance plans is based on collaboration. Yes we can bring you the relevant information regarding policies and insurers but no one knows your business better than you do. This is why involving you in the decision making around your policies is absolutely paramount to ensuring we create the best insurance plans for your business.
A Rise In Demand
More and more businesses are considering the move from direct insurance to trusted advice provided by broker/advisers. Data from the Vero research revealed that 54% of direct insurance buyers are actively seeking a professional broker/adviser in 2021. In 2018 this number was just 34%. This suggests a significant increase in the need for advice, to assist in the decision making around insurance.
It is evident that there is an increased realisation, that like other professional advisers you rely upon, such as solicitors and accountants, insurance brokers/advisers act for you and provide advice in your best interests. This is especially important in the delivery of hands-on assistance when you have to make a claim.
If you’re considering a switch to using an insurance broker, contact us at TIME Insurance today for an obligations free chat!
Alternatively, visit https://insuranceadviser.net/ to find a library of dedicated brokers near you!
We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.