TRS Sevenoaks supports latest research showing how brokers can
save customers money
Press Release - 15 September 2009
Local insurance broker TRS Sevenoaks today welcomed new research
from the British Insurance Brokers’ Association (BIBA) which has
revealed that insurance brokers regularly help consumers achieve
better results when pursuing a claim.
The research found that the majority of brokers surveyed have
secured increased payments for clients in the past year, following
an initial lower offer from insurers, and 58% of brokers said that
they had to fight harder to get claims paid during the recession.
The research also revealed that brokers regularly negotiate up to a
20% increase on claims offers made by insurers.
CEO Andy White of TRS Sevenoaks said, “In what continues to be a
tough time for many local small businesses, this research clearly
demonstrates the value and importance of using a professional
insurance broker particularly in the event of a claim. In some
cases this could make the difference between them posting a loss or
profit or even continuing in business”.
Eric Galbraith, BIBA Chief Executive, said: “Insurers are
tightening their belts during the recession and scrutinising claims
and policy wordings. This demonstrates the vital support that
brokers give clients during a claim.”
Galbraith added: “Many consumers do not have the experience or
knowledge to negotiate claims payments themselves. Brokers know how
to evidence and support negotiations through their understanding of
policy wordings, relevant case law and their relationship with the
insurer.”
Key findings from BIBA brokers:
- 91% have secured an increased payment for a claim, on behalf of
a client following an initial lower offer from the insurer
- 58% have had to fight harder on behalf of clients to get claims
paid during the recession
- 87% regularly negotiate up to a 20% uplift on claims
- 91% negotiate a claim payment uplift either often or
occasionally
- 94% overturn a claim rejection occasionally or often
About British Insurance Brokers' Association
The British Insurance Brokers’ Association (BIBA) is the UK’s
leading general insurance organisation representing the interests
of insurance brokers, intermediaries and their customers.
BIBA membership includes 1700 regulated firms. Insurance brokers
and intermediaries distribute nearly two-thirds of all UK general
insurance. In 2007, insurance brokers and intermediaries generated
£1.5 billion of invisible earnings and they introduce £22 billion
of premium income into London’s insurance market each year.
BIBA is the voice of the industry, advising members, the
regulators, the Government, consumer bodies and other stakeholders
on key insurance issues. BIBA provides unique schemes and
facilities, technical advice, guidance on regulation and business
support and is helping to raise, and maintain, industry standards.
BIBA works closely with the Chartered Insurance Institute to
provide training to those working in the industry and actively
participates in helping the industry and its customers deal with
some of the major issues of the day.
BIBA members provide professional advice to businesses and
consumers, playing a key role in identification, measurement,
management, control and transfer of risk. They negotiate
appropriate insurance protection tailored to individual needs and
operate to a very high standard of customer service with the aim of
ensuring peace of mind, security, financial protection and the
professional advice required.