Unsure about what us insurance brokers do? Read on for a brief explainer…
The UK insurance industry is the biggest in Europe according to the Association of British Insurers, with Britain something of a global hub when it comes to insurance brokers. Over 3,000 operate here apparently – Simply Business one of the many – with the City of London home to numerous brokers with all sorts of peculiar specialisms (footballers, for instance).
If you’re entirely new to insurance you might not be quite clear on what we do, so here’s a quick summary to get you to grips with the insurance brokerage basics.
First things first, we’re not your actual insurer
In other words whilst we provide your policy we’re not the ones who’ll be paying out if you claim. We’ll find you the right cover, find you the right insurer and help you make and manage a claim, but responsibility for the risk associated with your policy sits with the insurer.
So what is our role exactly?
Insurance brokers are insurance experts that tend to specialise in certain fields (in our case business and landlord insurance) and in our position as savvy negotiators we can help you get a better deal.
The Financial Conduct Authority (FCA) regulates us, so we make sure we abide by their stringent rules (stringent being a good thing), and act in the best interests of customers searching for insurance. We act on behalf of buyer, rather than insurer, and do all the legwork involved in finding a policy specific to you. And we can go pretty specific, too.
Essentially, a broker is (or should be) a guiding hand in the complex world of insurance. We provide a range of quotes, arrange the right cover and make the claims process simpler. We’re also impartial, unlike direct insurers, and at Simply Business aim to give you a bit more than your average aggregator – we’re experts after all and our customer service keeps us in business!
Given that we’ve been nominated as UK Broker of the Year at the British Insurance Awards 2015, we think we’re on the right track, too.
What’s in it for us?
In return for bringing customer and insurer together brokers receive a commission, which tends to vary on the scope and nature of a policy. Ultimately, our aim is to strike a good deal that keeps customer and insurer happy, and so long as that’s achieved we think a commission is fair.