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Insurance Business | 10 Mar 2017, 09:36 AM Agree 0
Could a change in job title help brokers in a disrupted market?
  • Robert Cooper | 10 Mar 2017, 10:55 AM Agree 0
    I understand the idea, but many of us have invested heavily in educating our clients and prospects about the role of an Insurance Broker and you would need to be careful what you changed it to. We are finding Insurance solutions on behalf of a client, hence the term Insurance Broker rather than agent which relates to representing an Insurance company. The terms "Adviser" and "Consultant" can be used by anyone, but does not necessarily mean you have the authority to arrange insurance on behalf of clients. the 1984 Insurance (Agents and Brokers) Act clearly sought to define what an Insurance Broker is and what an Insurance Agent is.
    I have watched Life Insurance Salesman change their titles "Financial Planner" but it has not necessarily improved their reputation.
    While many of us have moved away from the trading name calling themselves "Insurance Brokers" and instead have used the term "Insurance Services" or "Insurance Group", our role still is as an Insurance Broker and we should be proud of that role.
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