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Insurance Business | 12 Feb 2013, 12:00 AM Agree 0
Would placing insurance policies online – including the fine print – make broker’s work easier?
  • Lukey Luke | 12 Feb 2013, 02:51 PM Agree 0
    I think the issue is many people don't realise insurance is actually a legal contract. The PDS has a section of coverage provided, exclusions, conditions, definitions etc. We all know that clients don't read them as it is, and they want a "facts sheet" or quick check list, however due to the complexity of the policies it's not always that simple. i.e - Is fire covered? - Yes, subject to the terms & conditions & exclusions blah blah. Doesn't really tell you much does it?

    Perhaps putting business pack wordings or liability wordings online (I know some insurers who already do this for the general public) would make clients realise just how complicated insurance is, and perhaps they would seek advice from a broker? Or perhaps they would continue to shop on price, and blame anyone but themselves when they realise at claim time that you only get what you pay for.
  • Ruth | 12 Feb 2013, 03:00 PM Agree 0
    I think there's too many factors to consider before being able to answer if publishing details of common policies would boost work for Brokers.
    It could possibly boost for Brokers if the consumer is finding it all too overwhelming (even with the comparison) and seeking further advice, but that would only benefit the Broker if premiums where then also competitive, otherwise Brokers are just offering free advice - which I suppose you could say is 'boosting work' for Brokers, just not boosting business!

    So is it boosting work of brokers or just lowering the respect of a Broker's professional work?

    Regulating policies will either kill the broking industry or rid us of the direct, sometimes dodgy, Insurers.

    Given the recent disasters, flood in particular, where Insurers are now at least offering a flood option is only resulting in consumers not insuring at all as they're unable to afford the five-fold premium increases, so having standardised policies across the board will only result in people have no insurance at all.
  • Peter Vickers | 12 Feb 2013, 03:56 PM Agree 0
    Where have you been for the last 10 years? Everything is now found on the internet from your iphone5 or android!
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