Since broking was introduced, it has functioned through being a purely transactional service. However, recently, a new survey was conducted by PFK Little John which throws to light some new information that has the potential not only to change the nature of the broker-client relationship, but to change the business of broking entirely.
Currently, both businesses and brokers themselves, largely see a brokers roles as transactional and not advisory; and the outcome of the survey conducted was that businesses were generally satisfied with the transactional service they received from their brokers. Yet, the magic word here is ‘Generally’. As well as this satisfaction, over half surveyed said they would be willing to spend more time with their broker discussing elements of their business and the potential risks it may face. Even further, worryingly so, half of those businesses surveyed said they would be comfortable (In principle) to look into buying insurance products online, essentially bypassing a brokers role altogether.
Is it perhaps time to change to what clients are looking for? Or do you feel that you have a business model that is working for you at the moment and any change may cause more harm than good? Stay tuned over the next couple of weeks as we look into what changes you can make to secure and strengthen broking for businesses over the next 10 years.
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