The impression gained from recent interviews and discussions with clients is that, overall, in recent years, a broker’s role has not radically changed within companies.
Currently, both businesses and brokers themselves, largely see a brokers role as transactional and not advisory; however through the survey’s conducted by PFK Little John and Konsileo it was found that clients would be willing to spend more time with their broker to discuss elements of their business and the risks it faces. Furthermore, Through the rise of InsurTech, relationship-based interactions have the potential to thrive whilst administration and transactional responsibilities would be, essentially, completed by ‘robots’; streamlining the overall process, translating to a higher revenue.
There appears in this- an opportunity for brokers to shift from simply selling insurance products, to providing risk information and business advice and it is therefore conceivable to speculate on the possibility that the Client-Broker relationship would be somewhat as a cross roads, with the 2027 picture in the hands of brokers today.
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