The 2015 World Insurance Report by Capgemini has found that insurers worldwide are not keeping up with the digital demands of younger users.
The report found that positive customer experience interactions have dropped 3.7% from 2014 and are now below 30%. The decline can be attributed to Generation Y’s desire to do an increasing amount of business online, which extends to interactions with insurers.
This report comes just weeks after Vero’s SME Insurance Index reported the number of small businesses using insurance brokers to have dropped to 44%, also citing the rise of technology and digital platforms as the reason for the decline.
More and more companies are accommodating the demands of Generation Y and offering easy access to business insurance policies online. PSC Insurance Brokers consider the main drivers for purchasing online as opposed to using a broker.
“Buying Online Will Save Money”
Many price-conscious business owners do not want to pay a broker’s upfront fee and believe they will get a better deal on their insurance if they purchase directly from the insurer online. Most often this is not the case, and using an insurance broker will actually save the company money by finding the most cost effective cover and by being part of a large buying group could negotiate a better premium for the business.
“My Online Policy Will Fully Cover My Business”
The standard business packs available online often provide limited information as to what the policy covers and what it doesn’t. Unfortunately, these shortcomings are most often not noticed until the business needs to make a claim. Insurance brokers have training and experience with insurance policies and can make sense of the fine print to ensure the policy will endure.
“Making a Claim Will Be Simple”
Making a claim on your insurance policy can be a costly and time-consuming process, not to mention frustrating when dealing with a faceless online company. An insurance broker will help you reach the best possible settlement by directly negotiating with your provider and making sure you’re not losing out on any money that you should have received in the event of a payout.
All things considered, the benefits of having an insurance broker far outweigh the costs. Speak to a PSC Insurance Broker and find out how they could benefit your business.
Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.
The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.
