Flint Insurance

Flint Insurance

November 11, 2011 01:00 ET

Research Shows Specialist Broker Skills are Highly Coveted in Commercial Insurance

KENT, UNITED KINGDOM--(Marketwire - Nov. 11, 2011) - Recent research has shown that specialist knowledge of commercial insurance brokers is a valuable asset when it comes to businesses investing in their future. Two separate surveys carried out has revealed that in both the SME and corporate markets the expertise brokers provide is a main attraction in providing protection.

The Chartered Insurance Institute (CII) carried out a study amongst SMEs which brought the pleasantly surprising news - which in the current economic climate when it was thought most businesses were buying policies based on a knee-jerk price basis – was warmly received by insurance brokers.

However, initial results showed that just under a third of those surveyed did purchase SME insurance direct from an insurer, but after some analysis it was found that 78% of SME businesses with 11-49 staff were most likely to request the assistance of a broker.

The convenience of online insurance brokering services, meanwhile were shown to be preferable because of the speed (26%) and ease (36%) they provide, with 31% saying they would consider an online provider at the renewal stage with 1 in 10 (11%) saying this was very likely.

Obviously, when the survey looked at larger businesses, the need for specialist knowledge and insight from a commercial combined insurance broker became even more significant, however along with this came the desire for transparency with remuneration.

The study amongst senior risk managers and insurance managers of larger insurance companies by Standard and Poor's, found that top of corporate organisations' needs were: understanding a business's specific needs, the level of client service and policy wording and advice. Somewhat surprisingly, claims management experience came out bottom of the list of priorities but cover more than price seemed to be their biggest concern.

A spokesperson for specialist commercial insurance experts, Flint Insurance, states: 'The two separate surveys show that although price is clearly a factor when deciding on a policy, most companies, whether big or small place paramount importance on their trust and relationship with a specialist insurance broker in terms of their knowledge and experience in the field, whether they are purchasing property owners insurance or any other form of insurance'.

In fact, the study of corporate organisations also showed that the key component for them when purchasing commercial property insurance was the relationship with their individual insurance broker; with an astonishing 57% saying they would not consider switching from their policy at all, unless, as 23% stated there was a definite 20% reduction in price.

Transparency and relationships came out top overall with over 70% saying they would only place business with a broker if the details of the commission were totally transparent and 40% stating that if the key individual they dealt with moved to another broker firm, they would switch their business to the new firm. This therefore sends out a strong message that trust and a proven expertise and relationship history wins out.

Flint Insurance is an expert commercial insurance and directors and officers insurance broker, with a combination of years of experience and intrinsic specialist knowledge in looking after a variety of businesses. To request a quote or find out more information, visit www.flintinsurance.co.uk.

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