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Insurance Business | 16 Mar 2016, 09:12 AM Agree 0
We want your thoughts on whether brokers should focus more on becoming all-around risk and business advisers rather than focusing solely on insurance needs
  • Lester levin | 17 Mar 2016, 03:29 PM Agree 0
    As to whether Insurance Brokers should provide All Round Risk and Business advice rather than focusing purely on our clients Insurance needs the answer is a defining Yes, provided that The Insurance broker has or is able to acquire the required level of competancy.
    Insurance Brokerages and similar are Businesses and we as do our clients require professional advise and information from time to time so why would we not provide General Business and Risk advice. This is the way Businesses have grown in the past and it is why a good many brokers now realize that extending their service offering assists their client's and improves their long term bottom Line.
  • John Jenner | 19 Mar 2016, 11:40 AM Agree 0
    It has been a mystery to me why life insurance advice isn't provided by Insurance Brokers - rather than Financial Advisors. Both life priducts and general insurance products should be governed by a 'duty of care to the client' and commissions paid on an annual basis, as they currently are via general insurance brokers.
    I would favour two categories of advisors:
    a. Financial advisors providing advice on investments Etc, and
    b. Insurance advisors providing insurance advice.

    Both categories should have a legally binding duty of care to the client, which should be imposed on banks and their organisations that currently have, in my opinion, a conflict of interest in providing financial/insurance advice.
    Let's see some strong legal action against (banks Etc) that are demonstrating that they do NOT have the best interests of the insured in mind when they sell products or handle claims.
  • Just an Observer | 19 Mar 2016, 02:54 PM Agree 0
    Depends on what sort of experience / qualifications the insurance broker has and what would be required for compliance ? One positive would be it would probably get rid of all those former company manager types who are well past their use by date and are now Business / Life Coaches after doing a 2 week correspondence course that focuses on selling packaged solutions !
  • Terry Mills | 19 Mar 2016, 04:33 PM Agree 0
    It's a big leap from providing insurance advice to providing an all round risk evaluation and management service and as Lester Levi has pointed out there is a skill-set that comes with risk evaluation that is distinct from insurance advice.
    Most large brokers already provide risk management services - for a fee - recognising that risk transfer in the form of insurance is but one aspect of dealing with risk.

    Whilst agreeing with the proposition in principle I would still consider that the two disciplines should be independent of one another.
  • Ben B | 21 Mar 2016, 09:49 AM Agree 0
    I think we need to focus on brokers consistently giving quality advice on insurance, before they start dabbling in general business advice.

    It's probably something the larger players can accommodate, but how are smaller suburban brokers, or one-man AR's going to provide quality advice across a wide range of business topics when some can only just string together basic insurance coverage?
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