We asked brokers to best describe the relationship between themselves and insurers. It looks like we may need to call in a couple's counsellor.
Of the five optional answers provided: ‘An equal partnership,’ ‘Starts equal, then insurer dominant,’ ‘The broker is in control,’ ‘A dysfunctional marriage,’ and ‘The honeymoon never ends,’ brokers overwhelmingly selected ‘Starts equal, then insurer dominant’ and ‘A dysfunctional marriage.’
Coming in a distant second – with only one vote – was ‘The broker is in control.’
The silence on two categories may speak volumes, as there were zero votes for ‘An equal partnership’ and ‘The honeymoon never ends.’
One broker
Insurance Business spoke to in a telephone interview described the relationship as sometimes “bullying;” starting off as an equal partnership, but quickly degenerating into a dictatorial situation, with the insurer in the position of power.
(That broker wished to remain anonymous, as he did not want to place the brokerage’s staff in an untenable situation with the insurer.)
Our next poll question looks at where the areas of growth are for 2015. Is it cyber? Is travel insurance? Could it be that auto will make a resurgence? Will those in the P&C space begin selling life products?
You tell us by clicking
here to participate in our poll.
How is your relationship with the insurers you work with? What works? What doesn’t? Leave your comment below.
