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19 October 2020
A Deloitte Access Economics report on broker value has found that intermediaries provide huge value to clients, insurers and the economy – and clients don’t necessarily pay more for it.
The report, commissioned by the National Insurance Brokers Association (NIBA), found the benefits to clients are many, with brokers helping access a broad range of offerings, understanding risk, and dealing with claims.
But 54% of clients pay the same or less on their insurance after engaging a broker.
“The prevalence of broker use throughout the economy and across all types and sizes of businesses speaks to the value that organisations place in them,” NIBA CEO Dallas Booth said.
Deloitte Access Economics Partner and report author John O'Mahony says insurance broking is a complex business.
“Insurance broking is not as simple or transactional as walking into a store and buying a good,” he said. “It is a relationship-based business that involves up to 10 pre-sales and post-sales services and creates many sources of value.”