The industry must form a collective voice to turn around its public image
Last month, Jack Straw said our industry had a major reputation problem, driven by a dysfunctional motor insurance system. He claimed referral fees in particular had damaged our industry, which had been complacent about some of the rackets that have gone on. This has helped muddy perceptions of the industry.
I fully support Straw’s call for our industry to adopt a unified and tougher stance on the big issues. Now is the time for us to overcome the conflicting views we promote to the wider world.
A collective and consistent voice representing both insurers and brokers now has a golden opportunity to push for statutory regulatory change to the system for the benefit of our customers.
Straw has given us a chance to rethink. And that means re-educating people to understand that insurance is a great industry and a major contributor to the British economy. So we all need to stand up, get tough and be seen as speaking with one voice.
Ashwin Mistry is chairman of Brokerbility