The study was commissioned by Lloyds and done by the British Insurance Brokers’ Association (BIBA). Some of the other important findings include:
- brokers are spending more of their time dealing with increased regulation and becoming more internet-savvy. Almost 90% of those questioned said that they were actively addressing increased regulation, and three quarters were dealing with the challenges posed by the internet;
- more than three quarters of those questioned said that the growth of ‘Super-brokers’ was the factor most likely to change the UK broker market in the next 18 months; and
- brokers feel that they have adequately addressed the key issues of client money, contract certainty, and conflict management, although they feel more work needs to be done.
It seems like UK brokers will fair well if they continue to take these challenges head on and not back down. Regardless of the internet and “Super-brokers” the little guy will continue to flourish as long as they take care of the customer and offer a unique experience.
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