Competition from direct insurers and the need to maintain technical knowledge are brokers’ main concerns, according to a survey for the LMI Group.

They top the list for more than half of the survey’s 8000 respondents, with time pressure third on 46%, followed by the increasing complexity of insurance products, compliance and the greater risk of litigation from clients.

LMI Group MD Allan Manning, who commissioned the study by BrandMatters, says insurance contracts are growing in complexity, with constantly changing wordings and new risks such as cyber threats.

“Broking is a very, very demanding job,” he told insuranceNEWS.com.au. “You are putting enormous responsibility on people.

“An insurance contract is the most important contract a business will enter into because they are protecting their lives, their business’ bricks and mortar, their homes and superannuation and often their sole sources of income.”

The survey formed part of LMI’s research into a claims comparison service it aims to launch at the end of this month.

ClaimsComparison will measure levels of service, fairness, accuracy and the speed of claims departments.

It will start with domestic building, domestic contents, private motor, small business/farm insurance and private travel cover.

There will be quarterly updates and an annual award recognising companies that deliver the best claims results.

Professor Manning says brokers using LMI’s PolicyComparison site have requested claims comparisons.

They see it as a missing link when they talk to clients about products and underwriters’ financial strength.

“It will also help insurers lift their game, and they really want to improve,” he told insuranceNEWS.com.au.

LMI will use its own research and industry feedback to compile the information.