Two leading Industry giants have backed the idea to "eradicate" the term insurance broker as the customer demand continues to evolve.
Broking as a role will always be a fundamental part of the industry but customers are becoming increasingly more prepared to pay more for a better service than just getting the cheapest cover available (broking by definition means getting the best price)
Customers are happier to pay for a trusted advisor through the process of buying insurance to ensure they have the right product and are educated in what that product does for them.
Perhaps 'risk consultant' will have a positive impact on the "trust image" that seems to be an ever present problem for brokers.
“In five years' time, the name insurance broker - should it be insurance broker or risk consultant?” “If you actually break down that very phrase, insurance broker says two things: first, insurance; and broking, by definition, means I am going to get you the best price. “It is not about the value proposition that we are proposing for the future about being a true risk consultant and being a true trusted adviser,”