What brokers want in 2018?

by Kelly Gregor11 Dec 2017
As we take stock and reflect on 2017, and prepare for the new regime and financial changes the Financial Markets Authority (FMA) and the Ministry of Business, Innovation and Employment (MBIE) will begin introducing from May 2018 onwards, Insurance Business asked brokers what they want from providers in 2018 and the trends they expect to see next year.

1. Rothbury Insurance Brokers executive general manager Paul Munton

How can providers make insurance easier for your clients in 2018?
Simplify policies and be more transparent with clients. Keep claims turnaround times down and service quotes quickly and efficiently. Brokers and insurers need to work together to build a positive image of the insurance profession.

What’s number one on your wish list
Keep up with innovation and changing business models. Our clients are looking for new insurance solutions to meet their changing needs. I’d like to see more emphasis on bespoke policies to better protect clients based on their own individual circumstances, so we can deliver the very best insurance solutions to our clients.

How can providers make selling insurance easier for you and your brokers?
Work with us collaboratively. Provide us with well developed, sustainable and appropriately priced products, and ensure we get appropriate lead-in times for any regulatory, pricing or policy changes.

What will be the biggest trend for 2018?
Cyber insurance will continue to be a big area of growth in 2018. We’re seeing a slow but sure acceptance of the need for cyber cover from clients as more breaches are reported in the media.

I’d really like to see the insurance profession regain public confidence. I think it’s essential for the future of our industry that we make insurance an attractive career proposition for young people.

Which providers do you rate and why?
It’s important there is broad range of players in the market. Clients need choice, and competitive tension is good for everyone. I’d like to see more clearly defined risk appetite from insurers. I think capability and financial strength will definitely play a key role in 2018 - having the ability and willingness, to pay a claim.

2. Evolve Insurance Brokers managing director Nevil Chand

How can providers make insurance easier for your clients in 2018?
Paperless applications will definitely make it easier. Plus, quicker underwriting times, as this can be the most frustrating part for applicants.

How can providers make selling insurance easier for you?
I don't think selling insurance can be made easier, it will always be a difficult product to sell. Information is readily available now, so people are making their own decisions. It's not up to the insurer to make it easier, we as brokers need to consider different approaches to getting people insured.

I do think with the regulation changes coming, insurers need to support advisers to transition quickly (into the new regime), so they are able to continue doing the work.

What’s will be the biggest trend for 2018?
I feel this industry will start to see more conscious consumer behaviours, where there is a greater understanding of the impact of their choices.

Which providers do you rate and why?
Asteron Life is leading the way with technology, and their products are well structured with policy wording that would enable a claim where it may not with others. Partners Life has a great underwriting philosophy, which provides some peace of mind around unintentional non-disclosure.

3. Aurora Insurance group chief executive Simon Rolland

How can providers make insurance easier for your clients in 2018?
Having different options for tricky clients (from an underwriting point of view) so we have a wider range of products to be tailored to the client’s needs.

What’s number one on your wish list?
Non-underwritten/ limited underwriting product but with good commission payment.

How can providers make selling insurance easier for you and your brokers?
Working with us to bring the applications online.

What’s will be the biggest trend for 2018?
The biggest trend will be seeing more clients under the age of 35 taking insurance and valuing the advice that goes with it.

Which providers do you rate and why?
I rate all of the top New Zealand insurance companies and happy to work with them all.

4. Online Mortgage Brokers managing director Wiremu Patrick

How can providers make insurance easier for your clients in 2018?
I think the language in policy documents and client communications needs to be simplified so that they are easier to understand.

How can providers make selling insurance easier for you?
I think providers have an important role to play in increasing financial literacy, and hopefully as financial literacy increases, the historic stigma that sometimes comes with insurance should decrease.

What’s will be the biggest trend for 2018?
People looking for online insurance solutions

Which providers do you rate and why?
We have had positive experiences with many of the insurers we use including Partners Life, Fidelity Life, Sovereign, Asteron Life & nib. The most important thing for me is fair underwriting and ensuring that claims are paid.

5. Nichola Wadey Financial Services broker Leecia Burford:

How can providers make insurance easier for your clients in 2018?
Increase the marketing of trauma and income protection cover. Consumers are still in the dark about what I call the living insurance, life insurance is good, but what happens when you can’t work due to an illness?

What’s number one on your wish list?
It’s getting harder to insure clients as the products become bigger and better with more and more bells and whistles, how do we look after those whom we can’t get cover for? I wish that we could still insure this group of people, but maybe with a product that has less but still gives them peace of mind of having some cover in place. A big ask I know but hay that’s why it’s a wish!

How can providers make selling insurance easier for you?
Keep the names of the products the same across all the providers so clients know what brokers are talking about. Everyone understands/knows what life cover is, but there are many names for trauma and income protection cover, which confuse clients.

What’s will be the biggest trend for 2018?
The biggest change for us as brokers next year will be all the changes from the FMA – major change is coming and it is a great thing for our industry if we want to be considered professionals, which we are.

Which providers do you rate and why?
All providers have a very important role to play and we need them all as they all provide different offers as a broker it’s important what is best for our clients must always come first.


Related stories:
FMA emails all brokers on advice changes
More on advice changes: New advice regime and licensing timings
 

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