Views on this issue differ. Some say office-based commercial insurance brokers are doomed, and that Internet–based insurance markets will inevitably be taking over; others are still able to see the value in traditionally-minded insurance providers, and believe that, with a little tweaking, there is no reason the traditional insurance broker cannot survive in the changing landscape.
Here at Watson-Laurie, we subscribe to the latter view. We firmly believe that traditionally owned and operated commercial insurance brokers will not be outdone by Internet-based insurance providers, for a variety of different reasons, of which the paragraphs below highlight three.
Personal interaction remains one of the most valued aspects of any business transaction, even in a society increasingly used to shopping online. In a field like insurance, which most laymen know little to nothing about, this trait is especially valued, and commercial insurance brokers hold a definite edge over online providers in this regard.
Similarly, the opportunity to tailor insurance packages to their exact needs, rather than having to settle for a standard solution, continues to sway a large number of customers away from Internet-based insurers and towards traditional commercial insurance brokers. This is because these companies can help them ensure their policies are tailored to their needs, and that they are not paying for extraneous clauses they will not need or use.
Finally, the far more in-depth care traditional commercial insurance brokers tend to offer when compared to online-based services are also a strong argument in favour of these more traditional offices in the eyes of most customers, who enjoy being helped and looked after in the process of buying insurance.
These and other factors give us reason to believe commercial insurance brokers will remain relevant in the insurance field for years to come, regardless of how big online services may get!