Commercial insurance brokers will need to have evolved into real business advisers for their small and medium-sized enterprises (SME) customers by 2027 or face extinction, warns a new report from the the Chartered Insurance Institute's Insurance Broking Faculty.
The Future of Commercial Insurance Broking report, produced in association with accounting consultancy PKF Littlejohn and broking startup Konsileo -- analyses the present state of the UK's SME commercial insurance broking market and looks forward 10 years to how the market, and those working within it, will need to adapt and change to be both relevant and successful in 2027.
One of the key findings of the report is that the majority of SME customers see their relationship with their insurance broker as a transactional rather than an advisory one and would, in principle, be comfortable buying all or some of their insurance products online in the future. More than half also see their broker only once a year, yet 50% said they would be willing to spend more time with a well informed risk adviser to discuss elements of their business and the risks they face.
Read the full Future of Commercial Broking report article here.