However, one thing has remained constant and that is the need to treat customers fairly and serve them properly.
For the most part brokers achieve this. We all know that this industry is populated by some quality advisers, especially since the credit crunch effectively separated the wheat from the chaff. However, there is one area in which many brokers are failing to act compliantly and serve customers correctly – and that is when it comes to protection.
Any broker who does not offer GI as part of their proposition cannot claim to be doing right by their client.
General insurance is a key part of financial planning. A growing number of brokers are beginning to see the value of it for their business but more need to be making sure their clients are aware of the need for it.
The recent storms have shown us just how important home insurance is and the current strain on family finances means should something unexpected happen many households would not be able to cope. Energy price rises and the continuing threat of redundancies are just some of the things causing problems for families.
Just last month two more high street names went into administration leading to thousands of job losses. Not protecting your clients is not treating them fairly.
Of course not all brokers feel able to offer sound advice on insurance products and that is understandable. However, those brokers are still able to refer their clients. Indeed, by referring clients provides brokers with a valuable income stream.
In the current economic climate – and indeed with the increased regulatory pressures on the industry – protection is hugely important. Only by adding it to your offering can you ensure your business is truly compliant.
Simon Taylor is chief executive of Uinsure
