As major retailers continue to push their way into the insurance space, brokers need to push back to maintain market share – and accordingly to the latest IB poll, there is one route that looks promising.
We asked the question, ‘
Will major retailers squeeze out the independent broker?’ and our readers responded with vigour, overwhelming recommending that brokers ‘need to embrace online’ to fight back against the likes of Wal-Mart and President’s Choice.
(See related article,
'First Wal-Mart, now IKEA insurance?')
The need to move into the online space received 12 votes, with the remaining three options coming in a distant second and third.
‘Not a chance’ received seven votes from readers, who were confident that the knowledge and skill of brokers will win the day. The other two remaining options, ‘It will be a body blow to brokers’ and ‘Retailer relationship will come’ each received five votes.
Our next poll looks at policies – specifically, insurance policies. Consumers who have been denied claims have railed against insurers about forms they view as intentionally confusing, or not being able to understand why they aren’t eligible for certain coverages – like overland flood or sewer backup.
What is the solution? Do we need to make it mandatory to have all insurance policies be scrutinized by an independent broker? Is it the fault of an industry that produces overly complicated and confusing forms? Should there be a standard ‘tick the box’ form?
You tell us. Click
here.
