As a group, brokers generally tend to stick together when it comes to regulations or political issues, such as the new regulations that the FCA are planning on implementing within the industry in the near future. However, the EU Referendum is a completely different story, and it seems as though even brokers haven’t escaped the split in opinion that has spread across Britain. Continue reading
Brokers constantly need to keep a keen eye on loss ratios so that they are able to offer their customers competitive premiums. Even claims that have a small loss ratio can start to add up if they become a common occurrence with your customers, which is why every now and again brokers need to think about the little things. Continue reading
One of the most important aspects of being an insurance broker is remaining within the law at all times. However, it’s not always easy to navigate the plethora of finance and insurance laws that apply in the UK, which means that disputes are often common between brokers and their customers. Continue reading
In our last blog post we looked at the landscape of the insurance industry in 2014 and attempted to predict how insurance brokers would need to adapt their businesses in order to remain profitable during 2015. However, even though we are only a few weeks into 2015 there are already rumours that insurance premiums are on the rise for numerous types of protection including products created specifically for motorhomes and caravans. Continue reading
2014 has been an extremely interesting year for the insurance industry, regardless of the types of products you specialise in. Markets across the world have fluctuated at a considerable rate this year, so much so that at times brokers were unsure of the future of the industry. Even now, there is little agreement as to whether the UK economy is struggling or will improve over the next twelve months.
As a broker you would be forgiven for being somewhat confused about what is happening in the insurance industry right now as there has been a number of conflicting reports from a range of insurers. This means it’s extremely hard for insurance brokers to protect their businesses while offering their customers competitive quotes, ultimately meaning that they could be losing out on potential leads. Continue reading