Bayles: Brexit an opportunity for brokers

Phil Bayles Aviva

Brexit uncertainty means brokers have the chance to add value to their clients, says Aviva MD of intermediaries.

Phil Bayles, managing director intermediaries at Aviva, has said that Brexit is an opportunity for brokers to be seen to be adding value.

A survey from Aviva published yesterday (11 February) showed that brokers are increasingly concerned about Brexit uncertainty and the economic climate.

“There’s been a deterioration in short term confidence around Brexit and until people know what’s going on you can only conclude that that will continue,” Bayles told Insurance Age.

Risks
He highlighted that brokers will be affected differently depending on who their clients are and advised them to make sure they understand all of the relevant risks.

“If you’ve got a lot of manufacturing clients or a lot of exporting clients you need to be able to advise them on how they can mitigate their risks in the coming months and make sure you can provide them with the right cover post Brexit,” Bayles continued.

“There’s an opportunity in there for brokers to advise their clients on what can happen and the best actions for them to take.”

Planning
The survey also showed that an increasing number of brokers have a succession plan in place.

“In the past you could have accused quite a lot of brokers of putting their heads in the sand when it comes to succession,” Bayles noted.

According to the MD brokers are more aware of the different options available in the market, which has in turn made them more comfortable when it comes to planning.

Bayles concluded: “The options are more varied than perhaps people initially think, it’s not just about staying independent or selling to a consolidator.”

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