The concept of "insurance is dead" or the view of "how much longer will we need brokers?" has always been slightly exaggerated for added effect.
Yes, the way business is processed is, and will change (for the better) but the value of a broker is not something that will so easily be pushed aside, no matter what form that broker takes shape.
A broker's main role is to: acquire a good understanding of its clients' needs and objectives; provide a superior quality, high value added service; and essentially find the product at the best premium - to negotiate a transaction between a consumer and a seller.
The broker is very much at the forefront of a consumers journey to finding insurance.
The cost of insurance premiums was ranked as the top deciding factor when picking a policy by 61 percent of small and medium-sized enterprises (SMEs), according to survey data released by London-based RSA Insurance. This was followed closely by brokers’ customer service and understanding* of their clients’ businesses, which was ranked in second place by 58 percent of respondents as being in their top three influencers, according to RSA. “This highlights the crucial role brokers play in the process as well as the need for insurers and brokers to strike a balance between price and service,” said RSA in its commentary about its analysis of business owners’ buying decisions.