Biba chief executive Mike Williams has accused insurers of "dumbing-down" by selling purely on price, writes Andrew Pring.
Williams said: "Insurers are pouring millions into branding their products, but they're not supporting their distribution channel. Instead they're choking it to death because 'Price is King'. This is dumbing-down the sector.
"And then the insurers complain about brokers' lack of involvement!"
Williams, who was speaking at the launch of a Financial Times report on the future of broking, appealed for greater co-operation between brokers and insurers. "There have to be ways we can work together better so we can break down the suspicions. If we don't get our heads round the issue of partnership, we'll all be dead in the water," he said.
Williams added that broker dissatisfaction with insurers could rebound on them. "Insurers think we have nowhere to go, and that we must put up with the poor service standards. But there is a great deal of risk capital out there at the moment waiting to come into the market. These major groups are like Warren Buffet, and they have got buying power par excellence. They are dying to get into the UK market."
