NIBA / Special Feature
The claims advantage It’s often said that the true value of any insurance policy is only seen come claims time, and this offers brokers a significant opportunity to add value to clients too – not only offering support, but accelerating outcomes. NIBA's research shows that 96% of brokers were involved in the claims process, while 95% of respondents said that their broker helped speed up the claims process too. “While time is relatively easy to quantify, the impact on the quality of advice and easing stress during the claims process is difficult to qualify,” says Klipin. “A professional risk adviser will spot new and emerging risks that those in the business may not – so not only are brokers saving time, they’re also ensuring that businesses have the coverage appropriate for today. When it comes to claims, brokers use their relationships with insurers and help negotiate on the clients’ behalf to get the best possible outcome.”
a broker saves businesses is a key part of the value proposition. The research found that using a broker across the insurance process typically saved businesses 20 hours, with one stage in particular saving businesses in excess of seven hours. Where insurance brokers save businesses time The Complexity To Clarity: The Broker Advantage research shows brokers save businesses time in five distinct sectors across the insurance process.
“Understanding where clients see time savings is important, as it helps brokers better understand where they are adding significant value, and it can inform the conversations about why businesses should use a broker,” says Klipin. Interestingly, 90% of respondents have completed at least one of these stages themselves, presenting an opportunity for brokers to add increased value across the whole of the insurance process. How brokers save time during renewals Renewal time is an important time during the year, as it’s an opportunity to reassess the risks a business is facing and ensure the right cover is in place for the future. Respondents to the research survey who renewed their insurance with a broker highlighted renewals as a time brokers play a key, active role, with 47% estimating brokers save them six hours or more, and 83% acknowledging brokers save them at least three hours.
Task
Time saved
3.2 hours
Understanding insurance needs Finding and comparing policies
4.8 hours
2.3 hours
Completing paperwork and applications Managing renewals
2.5 hours 7.2 hours
Supporting claims
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