Screen Shot 2022-06-16 at 2.45.36 pm

The Benefits of Using Insurance Brokers

A recent podcast series hosted by Insurance News MD Andrew Silcox discussed the benefits of using brokers, rather than buying insurance directly. 

The podcast, Insurance with INsight, is produced by Insurance News in partnership with Vero, and discusses the results of the latest Vero SME Index. 

Each year the Vero SME Index measures the effectiveness of insurance and brokers who work with small to medium-sized businesses. 

The podcast considers statistics from the Index that show broker clients are far more likely to be satisfied with the claims process than those who buy insurance direct. 

This episode features contributions from Vero’s National Manager Commercial Property Claims Kira Pellicano and Gallagher Head of Claims Adam Squire.

The Index reveals that 63% of broker clients are satisfied with the result of their claims, compared to only 42% of direct buyers. 

“99% of the problems that we have in claims are because communication has failed,” Mr Squire says.

“If a client ever rings me and says, ‘I don’t know what’s going on with my claim’, we as an industry have failed. It’s as simple as that.”

Ms Pellicano says SMEs that tap into broker expertise have access to crucial support. 

“The added benefit is then when something does go wrong, you’re not on your own and you actually have support of an insurance professional through that claims process.” 

You can listen to the episode recording here. 

Using an insurance broker can be especially beneficial for businesses, as insurance can be complicated. Having someone who understands the details of a policy can help you better understand what level of cover you may need, and avoid certain errors in claims. 

Need help with your business or home insurance? Get in touch with the team at Business Insurance Consulting today for all your insurance needs.