Small and medium sized enterprises (SMEs) have reaffirmed their faith in traditional insurance brokers predicting a secure future for the broking community.
The General Insurance Market Association (GIMRA) also identified an increasing recognition by SMEs of the need for effective risk management and a more positive attitude to improving existing risk management mechanisms.
The findings were drawn from a survey, "Tracking the Attitudes of Small Businesses to General Insurance", commissioned by GIMRA and conducted by IRS/FWD.
57% of respondents cited the time-saving benefits as advantages of using a broker or intermediary. Likewise 62% of SMEs were ‘very satisfied' with their broker, compared with only 37% who were satisfied with their direct service. Accordingly 77% of respondents recognised a future need to use a broker.
Carl Wong, chairman of GIMRA, said: "These results belie the industry forecasts of the past few years warning of the demise of the broker as telephone and internet sales increased, and represent a resounding endorsement of the quality of broking available in the UK insurance market."
SMEs were also questioned on their perceived usefulness of risk management and 83% saw advice as either very or quite useful.
Wong added: "The results indicate that the risk management message is truly getting through and supports our long-held belief that effective investment in risk management by SMEs will positively influence their business in the long term."
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