Brokers must meet challenge of banks and direct market says Defaqto
Defaqto's first Insight Report into the SME (small and medium-sized) commercial insurance market warns brokers that they need to meet the challenge of banks and direct insurers.
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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