The insurance industry is suffering because of a failure to invest in its claims services and an obsession with cheap prices, a senior figure at an underwriting agency believes.
Frazer Dewey, sales director at Lorega, says investment has been cut back because the industry believes customers only care about falling prices, hence producing lower profit margins.
Mr Dewey said the solution was for underwriters and brokers to invest more in adjusters - crucially, ones that are chartered, because ma
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