Have your say: Should brokers become all-around risk advisers?

Have your say: Should brokers become all-around risk advisers?

Have your say: Should brokers become all-around risk advisers? We want your thoughts on whether brokers should focus more on becoming all-around risk and business advisers rather than focusing solely on insurance needs.

The recently released 2016 Vero SME Index found that 38% of business owners are interested in receiving information about general businesses risks from their broker whilst 43% are interested in brokers providing a risk analysis of their business.

The findings suggest that broker clients are looking for more than insurance advice from their brokers as 39% of respondents who use brokers head to them for business risk advice compared with just 29% of direct buyers heading to their insurance companies.

We want your thoughts, should brokers focus on becoming all around risk advisers in a bid to aid future growth?

Let us know in our latest poll.
5 Comments
  • Lester levin 17/03/2016 3:29:30 PM
    As to whether Insurance Brokers should provide All Round Risk and Business advice rather than focusing purely on our clients Insurance needs the answer is a defining Yes, provided that The Insurance broker has or is able to acquire the required level of competancy.
    Insurance Brokerages and similar are Businesses and we as do our clients require professional advise and information from time to time so why would we not provide General Business and Risk advice. This is the way Businesses have grown in the past and it is why a good many brokers now realize that extending their service offering assists their client's and improves their long term bottom Line.
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  • John Jenner 19/03/2016 11:40:15 AM
    It has been a mystery to me why life insurance advice isn't provided by Insurance Brokers - rather than Financial Advisors. Both life priducts and general insurance products should be governed by a 'duty of care to the client' and commissions paid on an annual basis, as they currently are via general insurance brokers.
    I would favour two categories of advisors:
    a. Financial advisors providing advice on investments Etc, and
    b. Insurance advisors providing insurance advice.

    Both categories should have a legally binding duty of care to the client, which should be imposed on banks and their organisations that currently have, in my opinion, a conflict of interest in providing financial/insurance advice.
    Let's see some strong legal action against (banks Etc) that are demonstrating that they do NOT have the best interests of the insured in mind when they sell products or handle claims.
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  • Just an Observer 19/03/2016 2:54:14 PM
    Depends on what sort of experience / qualifications the insurance broker has and what would be required for compliance ? One positive would be it would probably get rid of all those former company manager types who are well past their use by date and are now Business / Life Coaches after doing a 2 week correspondence course that focuses on selling packaged solutions !
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