What opportunities are there for brokers and insurers surrounding Brexit?

Neil Clutterbuck, chief underwriting officer at Allianz

Neil clutterbuck

Neil Clutterbuck

“The UK financial services sector is mature, vibrant and recognised as market leading around the world. This position has developed over time and not by accident - skills to innovate, bringing new products and services to market, combined with technical acumen and the ability to understand risk have been significant features in that success. Those attributes remain equally as important in an uncertain post -Brexit environment, if not more so, when clients will be looking to brokers and insurers alike to help them navigate through the risks and uncertainty that they will face. The risks and exposures that we help manage and mitigate will still be there and it can be argued that some may be further exacerbated.”

David Coughlan, managing director – Personal Lines, at RSA

“Brexit gives insurers and brokers an opportunity to show customers that we’re here for them. With many only seeing the value of insurance when they need to claim, now is our chance to really showcase to policyholders the peace of mind that insurance cover can offer. “At RSA, we’re helping our customers understand how Brexit might affect them. Among other things, we’re making Green Cards available for car insurance customers, while letting travel policyholders know what to do if there is travel disruption.”

Michael Lawrence, director of Personal Lines at LV= Broker

“Let’s face it, at this point in time most of the UK is pretty much in the dark as to when precisely Brexit will occur, under what terms and what the consequences might be; it is a very uncertain time. What do people do in times of uncertainty? They look to their security and strive to protect what they have. Insurance can help and we may see a higher demand in general and opportunities for brokers to branch out into other lines of business.”

Jon Walker, executive managing director of Commercial Intermediary, AXA Insurance

Jon Walker

Jon Walker

“Brexit creates uncertainties. As such, it is a time when insurers and brokers can demonstrate their value. They should already be advising their customers on how to prepare for all eventualities. If businesses are stockpiling, they need to update their sums insured to ensure they are fully covered. If they will have drivers and vehicle travelling in (or to) Europe on Brexit day, they need to be arranging driving permits and Green Cards now. If they are concerned about cross-border payments or regulatory changes, they should check Trade Credit cover or D&O policies. Even if nobody knows what’s going to happen precisely, insurers and brokers are here to explain how to transfer risks.”

Steve White, chief executive of BIBA

“The most significant benefit we perceive due to Brexit is that our home state regulators, the FCA and PRA will be able to have far greater control around policing the border in regard to which EU insurers are allowed permissions to trade in the UK. Under existing EU passporting arrangements we have seen some smaller poorly capitalised insurers passport into the UK only to fail and there was little the UK regulator could do. This caused serious problems for policyholders and for the insurance market as well as adding cost to the FSCS. So this will be a welcome improvement.”