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Clients shift towards online cover

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Insurance Business | 08 May 2012, 12:05 AM Agree 0
Easy-to-use online insurance systems are resulting in a slight shift in client behaviour patterns, with more of the small-end clients logging on directly rather than calling a broker for advice.
  • John Jenner - MS2 Insurance Brokers | 08 May 2012, 02:23 PM Agree 0
    The increasing use and active promotion via TV ads etc of direct/online general insurance products has the potential to result in increasing complaints from insured parties who are not fully aware of the detail of the policies they buy on-line.
    I, and broker colleagues are seeing an increasing number of policies that have been sold direct/on-line where the occupation of the person or description of the business is incorrect - in many instances rendering the policy virtually worthless.
    Since insurers are not able to provide advice, the general public are taking risks in buying on-line insurance products that they are not aware of.
    For some time I have been trying to get statistics on what proportion; of those insured parties who complained about "Insurers" and the "Insurance Industry" not meeting claims resulting from QLD floods or other major disasters; placed their insurance direct with insurers rather than via brokers. Recent advice suggested that some 90% of the complaints came from those who did NOT go via Brokers - but bought direct from insurers.
    I suggest it is a problem that the industry - and particularly Insurers should address as a matter of urgency. Broker organisations should perhaps also be making the public more aware of the traps in buying 'cheap' insurance on-line from insurers - without getting the benefit of professional advice as to the relevance of the policy to their business risks.
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