The director of intermediary business at Norwich Union has called on brokers to take responsibility for the quality of financial security provided to customers.
Ken Wallace, speaking at the opening of the Insurance Times Premium Content conference, said intermediaries needed to look for long-term financial stability because of the current uncertainty in the market-place and recent scares such as Independent Insurance's collapse.
But he said the demise of Independent was "the catalyst for a more stable and disciplined market pricing, which must be beneficial to the industry in the long term".
He added that brokers should adopt a "risk management philosophy" as part of their business strategy and develop their approach towards different categories of risk - operational, hazard, financial and strategic.
Wallace said there needed to be better communication between insurers, brokers and their customers.
"The strategy for both broker and insurers must be to maximise business potential by retaining valued customers for as long as possible," he said.
