When consumers look for insurance through a broker, it’s the opportunity for that adviser to show expert product knowledge and guide them through the process, giving quality advice for their needs.
In a survey that we recently commissioned, nearly 75% of consumers agreed that a rating system for financial products is a good idea. But 85% were unaware of Defaqto ratings.
This shows that people are more concerned with the quality of a product than with buying the cheapest, which is a great finding for brokers to use when discussing a customer’s options. But it’s also worrying that most don’t know about Defaqto ratings and how they can help.
So it’s about educating the consumer on their insurance policy.
Only 28% of people said they read the terms and conditions of their policies, which means despite the level of cover being important, consumers still aren’t doing proper checks before buying a policy.
By educating and advising their customers properly brokers can position themselves as experts and reduce future problems for the client.