’By understanding their customers’ needs, they can also help them assess what cover is essential and tailor their insurances,’ says executive director
Brokers are often an “integral part of their customers’ ability to be resilient” during times of economic uncertainty.
That was according to Graeme Trudgill, executive director of Biba, who made the statement after the association released a new guide to help brokers give customers advice amid cost of living pressures.
Revealed during the Biba conference last week (10-11 May), the guide is designed to help members explain to their customers the dangers of cutting back on essential cover.
Speaking to Insurance Times, Trudgill said: “By understanding their customers’ needs, they can also help them assess what cover is essential and tailor their insurances to ensure that buying is increasing their financial protection without adding to any monetary concerns.”
Underinsurance
Meanwhile, Trudgill said the guide was “created in response to feedback from members” who encountered clients claiming they could not afford insurance.
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He explained that research conducted by Biba and Premium Credit Limited revealed that customers were choosing not to purchase certain types of coverage or decreasing the level of coverage they had.
“The guide helps brokers to explain both the consequences of being underinsured or not insured and also the value provided by different types of insurance,” Trudgill said.
“It uses easy to understand language that is relatable, particularly for SMEs and consumers, so that they can appreciate that the insurance buying decision is not simply a financial one.
“In addition, in some areas it makes suggestions to help customers get to a premium that they can afford without seriously compromising their protection.”
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