For Kay Jackson (pictured), director of Simplex Insurance Solutions, the fact that her business is located in rural Victoria hasn’t stopped it from experiencing a busier-than-usual period over the last couple of months and continuing to grow.
“We have seen growth during COVID-19. We’re still being presented with lots of new business opportunities – if you compare our quote opportunities from August and September last year to the same period this year, we’ve actually improved our overall numbers,” Jackson told Insurance Business, adding that she believes some of the increased business could be a result of clients “shopping around for a more competitive option” in the wake of COVID-19 and the difficult economic situation many have found themselves in.
According to Jackson, some of her customers who have been hardest hit are those who possess domestic, home or landlord policies, areas in which rates seem to be rising. “With COVID-19, a lot of property owners are doing it tough and are on JobKeeper or JobSeeker, so when this government assistance begins to reduce, it will become harder for these consumers to afford insurance,” she said.
“I understand the need for rates to rise due to past losses from bushfires and floods, but it is just a really tough time for family budgets at the moment. Overall, our clients tend to be keeping their policies, and they understand the importance of insurance and protecting their assets correctly, but they’re finding it tough to keep doing so – especially in Victoria, where we still have lockdowns in place.”
With more than three decades of experience in the insurance industry under her belt, Jackson is well positioned to outline what brokers can do to prove their worth to both existing and potential clients.
“From where I stand, the business is still there for insurance brokers, and it’s simply a matter of educating your clients and keeping them informed,” she noted. “You need to be able to show them the importance of having a superior product and the differences in coverage provided by different products. If you’re not doing this, you run the risk of potential clients choosing a cheaper product with inferior coverage.”
