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Shopping for insurance these days may well result in sensory overdrive for some of us: colourful brochures tout quality and price, with every company promising service on a proverbial silver platter and offering a flurry of bonuses and byproducts.
However, the primary difference in the market is direct versus broker business and, while players on both sides of the industry seem to lunge at one another’s throats with regular and sometimes openly aggressive advertising campaigns, there is little variance in the product you will purchase, leaving service delivery as the only area offering players a competitive edge.
In addition, an industry move toward “umbrella servicing” has resulted in more and more financial services companies offering comprehensive financial solution packages, encompassing all aspects of a client’s financial needs. This leaves us only to decide on the mode in which we want the service delivered.
Ultimately, it becomes a matter of convenience and personal choice. For some, years of conducting business through a broker creates a dependence on their knowledge and advice and a sense of security which, insurers feel, cannot be replaced by the relative savings experienced when going “direct”. For others, and this applies specifically to the new era of insurers who prefer a hands-on approach to their financial affairs, dealing with their insurance company directly offers them empowerment.
In the end, we should look past the advertising hype and focus on our personal needs. We need to decide exactly what our requirements are and research the options accordingly.
Informed insuring
The Editor
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