Hollard Commercial Insurance (HCi) has launched a year-long campaign to support insurance brokers and “promote the good work they do”.
While Vero’s annual SME Index released today shows brokers are under pressure from technological advancements and increasing mistrust of the wider financial services industry, Hollard says intermediaries are more important than ever.
“In recent times there has been a lot of talk about how technological advancements in the industry mean that consumers have a far wider choice and more information at their fingertips than they have ever had,” HCi CEO Richard Heilig told insuranceNEWS.com.au today.
“Coupled with the growth of direct insurance in recent years, this can be seen as a potential challenge to the relevance of the role of the broker.”
However, Mr Heilig says this is only one side of the story.
“While there is undoubtedly more choice, arriving at the best possible cover can be a daunting task for business owners,” he said.
“We need specialists who understand insurance and their clients’ needs intimately, and can help them navigate our complex industry.
“We believe that brokers are now more important than ever. And with intermediaries a core part of our business model, we must look for ways to support them.”
The campaign was kicked off at launch events in Sydney, Melbourne and Brisbane, alongside the launch of the new HCi brand.
As part of the campaign HCi has released a paper highlighting why brokers are so important, which stresses the importance of cover that is relevant to clients’ needs and the crucial role played by brokers at claims time.
“Statistics show [that] despite industry changes and direct online sales channels, brokers remain just as relevant as they have always been, with $11.5 billion in general insurance premiums invoiced by intermediaries in the second half of 2018, and the share of general insurance premiums placed by intermediaries continuing to grow,” Hollard says.