Customers are turning to insurance professionals as they feel the pressures of the coronavirus pandemic.
According to research by the Chartered Insurance Institute (CII), six in 10 insurance professionals have been contacted by customers who are struggling to afford their premiums amid COVID-19 with finances hit hard. Only 39% had not heard from any consumers who were struggling to afford cover.
The survey also delved into how insurance professionals having been helping their customers out. For example, Michael Mutua, claims and underwriting associate for Risk & Insurance, shared that some of his customers had grounded their cars and he suggested underwriters help cushion these clients by lowering their rates.
“During these challenging times, insurance and personal finance professionals are helping consumers and assisting those who are experiencing temporary financial difficulties,” said managing director of engagement for the CII, Keith Richards.
“Insurance brokers and financial advisers are best placed to consider a customer’s individual needs and their services should be signposted more widely. It is great to see our profession helping customers revise and retain cover at a price they can afford to ensure they remain protected against key risks.”
The survey was conducted on the back of the FCA’s recent comments that customers should contact their insurer or broker if they are struggling with their premium payments.