Brokers must be ’crystal clear about what needs can be met by products and services’, says CII’s director of policy and public affairs

Insurance brokers must continue to execute good practice by educating consumers about available products and services if they wish to improve trust in the sector, said the Chartered Insurance Institute’s (CII) New Generation Group.

The group, made up of 40 up and coming brokers, warned that this action is vital in tackling the increased risk of policies being voided or cancelled, with claims only partially paid or not paid at all, as well as previous payments being recalled.

Natasha Hookings, member of the New Generation Broking Group, said “service is critical to building trust”. Furthermore, a broker’s “personal touch” should be “supported by technology” to understand consumers’ needs and deliver adequate solutions.

She continued: “The market must evolve technology so that an excellent service can be delivered. Both people and technology are key as systems must work efficiently and break down data to help us better understand our customers’ needs.

“On this basis, innovative products, such as telematics and apps which help customers manage their policies, should be more widespread across the sector.”

To increase public trust in the insurance sector, brokers should:

• 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.

Source: ’The importance of ‘trust’ in the SME insurance sector’, New Generation Broking Group, CII. 

Matt Connell, director of policy and public affairs of the CII, added: “The CII has long discussed the importance of trust and confidence in insurance. We believe both can be restored if professionals are crystal clear about what needs can be met by products and services.”

CII seeks promising professionals to join the New Generation Group talent programme each year - this body works together on projects to make a difference to the insurance industry.

The programme is split into four groups – claims, underwriting, broking and the London market.