Insurance brokers should build on existing good practice by educating consumers about the products and services available, according to the CII’s New Generation Group.
A report produced by the CII’s New Generation Broking Group for 2018 to 2019 recommends insurance brokers take the following action to increase public trust:
- Ensure clients understand why they need to purchase a particular product or level of cover.
- Change the focus of conversations from price and start with value.
- Be honest about what can and cannot be done.
- Show loyalty to customers.
- Demonstrate understanding of the customer and their needs.
The New Generation group, made up of professionals from the broking sector, warned this action was vital to tackle the increased risk of policies being voided, cancelled, claims only partially paid or not paid at all, and previous payments even being recalled.