Insurers are receiving an increasingly number of queries from brokers as their competitors make job cuts.
Zurich last week became the second insurer to admit to job cuts, revealing it would lay off three marine broker managers, six people in marine processing and two marine underwriters.
Earlier last month, QBE said it would offshore at least 700 jobs to the Philippines – a move that would affect Australia, North America and Europe.
The streamlining plans have concerned brokers and some have taken to Insurance Business Online to express their disappointment and consequent plans to change insurer partners.
One broker said new players would use the job cuts as an opportunity to gain access to the market.
“It does give opportunities for the newer players who are mainly underwriting agents,” he said, “as these people are prepared to develop relationships with us. It still comes down to the deal we can get for our clients. Negotiating with someone who also wants to win the business creates better outcomes than just dealing with an insurer call centre of inexperienced staff, some of whom may shortly be based in the Philippines or India. Their only advantage will be price. Brokers have to get the right cover at the right price.”
Some insurers are seeing an uptick in broker queries. John Nagle, CEO of Lumley Insurance told Insurance Business: “We have noticed an upswing in inquiries and opportunities but there is no definitive trend at this point. We will continue to focus on areas that we believe support our brand promise of making life easier for brokers.”