Brokers Ireland, the premier representative body for brokers in Ireland, has produced this consumer guide outlining the main benefits of using an insurance broker, as opposed to going directly to an insurer. In our earlier post in August, we explained the benefits of going to an insurance broker instead of a direct insurer, such as impartiality, personal relationship, claims service & best price. Today, we’ll discuss further ones below:
Choice: an insurance broker has full access to the insurance marketplace and can therefore offer you a choice of several products from various insurers – a one stop shop if you like. What’s more, we are not biased towards or against any particular provider and will therefore pick the best option for you, every time. We have access to over 40 specialist insurers in Ireland, UK & Europe to obtain the best quote based on your requirements, be it standard insurance cover or a highly niche policy with custom wording.
A direct insurer can only offer their own specific product range, which may not be the best choice for the client when all factors are considered. As a result, the client takes 100% responsibility for their own coverage decisions and for any mistakes they make as a result.
Professional advice: before each quotation, policy inception or renewal, an insurance broker will provide its client with a Statement of Suitability document, which outlines the reasons and considerations taken into account when recommending a particular product and particular insurer over another. Plus, all our insurance advisers have both professional qualifications and practical experience of working in various insurance sectors, such as personal & commercial insurances, claims handling, underwriting, etc. which helps a lot when choosing the right insurance cover for your needs.
A direct insurer can only provide restricted advice on their own product range. In addition, staff working on the insurer’s sales team have most likely been exposed to this area of business only – sales, which greatly restricts the quality and accuracy of advice and recommendation that can be given on the policy cover.
Simplicity: an insurance broker communicates in layman’s language, because insurance is a jargon filled world which can be confusing to many. We have been in business for 40 years and have built up experience of how to explain to you the risks that exist, the choices available to reduce or eliminate these risks, making it easier for you to make decisions and understand, what’s covered and what’s not.
As direct insurers often suffer from a high turnover of staff, they may lack the communication skills to explain clearly and accurately the differences in particular products, cover options, policy extensions or limitations. They may not take the time to ask enough questions to satisfy the the client’s concerns because they personally may not be dealing with the same client again in the future.
Market Service Standards: an insurance broker has access to a variety of insurers and knows their service levels, including claims handling standards, flexibility to add/remove certain policy terms & conditions, and responsiveness to any required policy amendments. As such, our focus is on true value for money and benefits to our clients.
A direct insurer can only provide their own specific product, so a consumer is not getting the full picture of the cover options available in the market. In addition, the consumer totally depends on whatever service level the direct insurer provides, with no help or assistance from elsewhere.
Should you wish to discuss any aspect of your insurance arrangements, please do not hesitate to contact us on 049 433 2944, e-mail info@martininsurance.ie or complete our online enquiry form.