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Underwriters to 'reduce reliance on brokers'

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Insurance Business | 21 Jun 2012, 12:05 AM Agree 0
Australia’s insurance brokers will face increasing competition from underwriters and banks who are investing in direct online systems, according to a research report. Here is how brokers can stay relevant…
  • Victor Caballero | 21 Jun 2012, 11:29 AM Agree 0
    As someone who provides IT solutions to both underwriters and brokers I would say that its a big call to say that underwriters are seeking to reduce reliance on brokers.

    Sure, direct brands such as AAMI are now selling business packs online but this is simply automating their existing offering. I am sure that the distribution boys at Vero (also a Suncorp brand like AAMI) have no intention of replacing the role of the broker.

    Brokers, more than insurers have far more to gain in through policy automation as it provides clients with access to products whilst lowering acquisition/processing costs.

    Victor Caballero - Insurance Design Services
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