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Insurance Business | 04 Mar 2015, 08:16 AM Agree 0
A leading technology provider for the insurance industry has warned brokers that they could be losing out on business in the SME sector if they do not harness the ‘immense opportunities’ technology offers.
  • Robert Cooper | 04 Mar 2015, 11:09 AM Agree 0
    When a lot of people start a business for themselves, due to costs, they will register for their own ABN, they will do their own BAS, they will try to set up their own websites, they will sign contracts without getting legal advice. They will buy a logo off the internet. They will even paint their own signs!
    Eventually they realise they need a team of Trusted advisers and experts to assist them and they will get value for money. Insurance Brokers need to be one of these trusted advisers.
    A problem though is that most start up SMEs are not attractive business for Insurance Brokers. They expect most will fail in the first year. They do not generate a lot of Income and we have insurers that charge more in premium than the directs because apparently "loss ratios are higher with Brokers".
    So at this early stage of a new business start up, one can understand why Insurance Brokers are not used straight away.
    It is up to us Insurance Brokers to get out there and tell our story why we are a vital part of a small businesses' journey. Why we can be their trusted adviser on risk. Competition from the direct market will mean very little then.
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