Ask any TV owner if they know the name of the red phone or the dog that everyone loves (ugh), and they’ll tell you: INSURANCE. Although it is brilliant advertising, I have to admit that it does not offer the best overall deal.
Although insurance brokers are able to compete directly with insurers, they rarely have the advertising budget that direct insurers can afford. However, insurance brokers are able to beat or match the premiums offered by direct insurers. What extra can they offer that direct boys can’t?
MULTIPLE QUOTES- A direct insurer or company can only give you one quote – THEIRS. But guess what? Over the years, brokers have embraced technology and now we use the most up-to-date hi-tech gadgets that allow us to review over 200 insurance plans with lots of INSURERS. We may not be able to compete with, or beat, a single direct insurance company. It’s been a tradition for more than 30 years, so I believe we are doing something right.
FACE TO CONTACT – Have you ever called one of the direct insurance companies and felt like the person was reading from a script? Well, that’s because most call centers give their staff a predetermined wording. If you ask them anything unusual, such as about excess loss, they will likely respond with a puzzled “WHAT?” Direct business is bulk business. It’s a conveyor belt technology. This is fine as long the person understands all your answers.
A broker office allows you to meet face-to-face with someone, usually with someone with years of experience and who can answer any questions you might have. Let me ask you a question: Would you be willing to arrange your will online? The answer to that question is probably no. If not handled properly, an insurance document can have serious consequences.
Beware of Special Deals – I’m talking about “We guarantee to beat your premium by PS10 or PS15 worth Marks and Spencer vouchers.” These are not charity-like schemes to grab your attention or get you on the books. Insurance companies aren’t charities.
We have had people come in to our office numerous times and say that the premium has risen dramatically over the past two years. They expected a cuddly toy, or a trip to Disneyland. If brokers are good, which they are – and I’m not going to lie, we are the best – we will ALWAYS check your renewal premium EVERY YEAR. This will ensure that you get the lowest premium without any gimmicks.
BROKERS EXPLAIN: YOU DON’T GET THE CONVEYOR BELTED EXPERIENCE. What does this mean?
I have compared the direct insurances to high-street opticians. They may be familiar to you. You may have experienced them. You can meet your local insurance broker face-to-face and ask any questions you may have. For example, if my son fails his driving test, can he drive me to the pub if I am over the limit? – provided he has his L.Plates. Although I’m being a little sarcastic, I hope you get what I mean. Brokers can be friendly and personal. One difference between local insurance brokers (and local opticians) is that we make less than them. One thing is certain: national opticians are cheaper than local ones. This is where we differ. A local broker can usually get it cheaper than the direct insurer.
CONCLUSION: I leave you with the following thought. Which would you do if you had a PS10,000,000 house to insure? You can either call a direct insurance company who will follow a prescribed process and hope that you don’t ask too many difficult questions or need answers which aren’t on their screen, or you can visit your local broker who will spend time looking through each question until you fully understand what you are covered. I think I have the answer. We treat all customers equally, regardless of whether they are buying a PS10,000,000 house or a PS100,000. cottage.
IN THE FINAL CONCLUSION: If you are unfortunate enough to file a claim, we won’t send you to the UK’s nightmare – The Claim Centre INDIA. They may need to be contacted, but it is their responsibility and not yours. They are very nice people and highly educated, but Indian claim centres do not work.
