Brokers must meet challenge of banks and direct market says Defaqto

Defaqto state that in SME commercial insurance the broker is still king, but that they faced a major challenge to their dominance of this market from bancassurers and direct writers.

Although in the commercial SME lines market, most businesses buy insurance through a broker, direct writers and bancassurers now have their eyes firmly fixed on this market, a move that is not unwelcome by customers.

Mike Powell, principal consultant for general insurance, commented: "Brokers have been the main source

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