The Insurance industry has a bit of an image problem. Multiple surveys have shown that people have doubts about the trustworthiness of insurers. Consumers also have significant doubts over whether they are likely to receive pay-outs over claims, or whether they are purchasing the right policies. The intention of a new FCA report is to address what role Insurance Brokers play, and whether they are negatively affecting the public in their purchasing of Insurance.
Positive Results
Overall, the results are very positive for Insurance Brokers. The report revealed that it did not find any evidence of a ‘significant levels of harm’, nor did it need to introduce any ‘intrusive remedies’. People overwhelmingly responded that quality of service by insurance brokers meant that they were more likely to choose them to buy insurance through.
Room for Improvement
The FCA report did suggest that some brokers should be more forthcoming in the information they disclose to clients. They also suggested that some firms needed to deal with conflicts of interest better. Despite these suggested improvements, most people had a positive impression of brokers overall. Most respondents to the survey reported that the broker’s ability to find the best terms was a reason to choose a broker.
Business Responds
The Confederation of British Industry (CBI) greeted the report with positivity. The Director of Financial Services for the CBI, Flora Hamilton, said ‘We welcome the Financial Conduct Authority’s (FCA) finding no evidence that insurance brokers harm customers’. Consumer confidence in Insurance Brokers can only be boosted by such a positive report, and the reaction towards it from UAE business.
Babal Karama Project Management Services are an FCA registered broker. That means that you can trust us to treat you properly when you buy your insurance. We have a broad knowledge of the insurance industry, and a wide range of connections with insurers. This means that we can get you the best quotes we possibly can, for policies that you really need. We take the time to get to know you, and your needs, so that we can get you cover that really fits.