Brokers the primary line of defence against underinsurance – Consumer Intelligence
Brokers are the “primary line” of defence against underinsurance, with technology implementation strategic to automate low-value tasks and free up time for client education, according to a report by Consumer Intelligence exclusively revealed by Insurance Age.
In Navigating the Paradox: Opportunity and Underinsurance in the UK SME Insurance Market, Consumer Intelligence noted that despite brokers placing 94% of all commercial insurance premiums in the UK, the 80% underinsurance figure persists.
It added brokers have a duty to ensure their clients have adequate and appropriate cover.
The data benchmarking specialists claimed this suggests a “friction in the advisory process, potentially caused by brokers being stretched by increasing regulatory burdens”
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