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Insurance Business | 29 Apr 2015, 08:25 AM Agree 0
One of Australia’s leading insurers has released an in-depth report that reveals a significant market gap in a key area of business that brokers and insurers should be aware of.
  • LesterLevin | 30 Apr 2015, 02:50 PM Agree 0
    The Article in QBE's spotting of a Gap on the property market is a little misleading. First and foremost an Insurance professional would know that regarding Mortgaged properties the point if sale is not the starting point exchange is and it is at this point where Insurance should be attached and it should cover not only the sum borrowed but also the equity of the owners, limited though it might be. This has been the sutuation for well over 30 years so why the new, so called, revelation perhaps it's because Brokers aren't trained or sufficiently experienced which I doubt. The OLD DOGS of our industry know the truth and that is with the advent of Direct Insurers the Insurance area is far more competitive than it has ever been moreso direct Insurers do not give advise and in consequence where you insure directly you get what they can provide and no more or less. How do you combat this I believe there is only one way and that being for either brokers or their leading bodies to advise or advertise on what a Broker can do and does for their client. Whilst there has been some advertising, aside from The Majors, there is little advertising or marketing from Brokers themselves, aside from Steadfast and those who advertise to and through limited market areas. Marketing and not Sales is the Key together with appropriate advise and this is the only way the Industry can improve it's position in what is and remains a competitive and limited market. Perhaps we should take a Leaf out of Lloyds book of business and develope and take An Australian Styled Syndicated Insurance body to the rest of the world!, Now that woukd be novel.
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