When the going gets tough, the tough brokers take action
UK brokers have faced some serious challenges in the past five years. The move online for small-ticket, high-volume policies has knocked some regional firms for six. Personal lines were the first to be hit, and micro-SME policies appear to be next in line.
The price comparison model may yet take a bite out of commercial combined policies. Add to this downward price pressure, the extra blow of an underlying soft market, and even for national brokers trading is very tough.
In this edition of the Knowledge, we predict what lies ahead for networks, e-trading and consolidation; look at the latest in broker people moves; and ask what good can the FSCS review really do to curb unfair fees.
Liz Bury, Insight & Data Development Editor