All stand together

The remarkable turnout at the UK Broker Summit (see p.12-13) is evidence that, at a time of economic turmoil, the broker market has a strong desire to work together to shape and improve future prospects and prosperity.

It was refreshing to see such optimism about the continued growth of the sector, as evidenced in the interactive voting session that showed half of the attendees expecting increased revenues and gross written premiums this year and with many having plans to expand and diversify insurance lines.

Despite this optimism, we have much work ahead to rebuild the reputation of financial services. We cannot escape the damage that the banking sector issues have had on consumer trust and it is more important than ever that we deliver on our peace-of-mind promise to customers.

In the meetings at the summit, there was clear consensus that a high level of investment is required to raise standards in the industry through increased development of our people, an area that I am reviewing as part of a Chartered Insurance Institute taskforce.

We also need consistency among insurers and brokers through closer working relationships. This not only extends to the level of service we provide to the customer but also our approach to pricing and delivering value.

The need for creativity is also a priority. Product innovation and service differentiation is essential from an insurer perspective and brokers can use the undoubted strength of their relationships to eliminate consumer confusion and promote the benefits of adequate cover versus the costs of underinsurance.

We must work in partnership and only together can we turn the reputational threat into an opportunity that rebuilds customer trust, demonstrating that we continue to offer exceptional service in the customer's time of need.

- Barry Smith, chief executive, Fortis UK.