Intermediaries are obliged to stay current with various insurance industry developments, the statutory environment and global trends. As a result, brokers are able to assess and understand the constant changes within the insurance industry and, in turn, be able to advise their clients accordingly.
According to Jonjon Smit, sales director at CIB Insurance Solutions (CIB), brokers need to be ably supported by their insurance partners, not only to ensure that their relationship with clients remains streamlined and efficient, but also to create a thriving and innovative short-term insurance sector. “Insurance companies and product suppliers have a specific responsibility to intermediaries. With our input and assistance they can create a lasting relationship with their clients.”
Smit goes on to say that a solid relationship with a broker, who understands a client’s business and personal environment, is crucial in today’s fast-paced commercial sector. “Although there has been a move to the direct insurers by people with relatively basic needs and requirements, the fact that most business owners prefer to deal with a broker that can offer professional advice, revolves around building a relationship through understanding the clients’ needs.”
Fethon Zapheriou, of Fethon Zapheriou Brokers based in Johannesburg, agrees that insurance needs to be explained and investigated properly, as it is not as simple as many direct players make out. “The insurance sector is a highly specialised profession that requires a specific skills set, knowledge and training, making an insurance broker instrumental in this environment.”
“It is not often that insurance clients understand the potential risks they could expect or encounter in their business transactions. However, brokers provide risk analysis expertise and understand the details surrounding specific cover options, which if not considered could leave the business owner in a position where the entire operation is at risk, ” adds Zapheriou.
Smit says that the true value of a broker is felt when clients have complicated portfolios and seek valuable advice at claim stage. “Brokers understand their market, the latest trends in the insurance industry and new product developments. As a result they are able to offer the best advice on how to structure a portfolio that suits the individual needs of their clients.”
“Having a relationship with your client is of utmost importance. Our brokers have each built a personal relationship with their various clients over the years and understand the particular requirements of each individual, so when there is a claim the broker is able to give balanced advice,” concludes Smit.
Client relationships crucial to insurance industry
Recent Articles
Featured 5 common money-saving mistakes and how to avoid them
If you diligently dedicate a portion of your income towards an appropriate savings vehicle, over time this will act as your financial safety net. So why then do so many people struggle to save?
Why you need to adapt your attitude towards money as you age
As you move through life, you will encounter different phases and interests, and your perspective will change. Where you choose to spend your money will change as a result. We have a look at the impact on your finances.
How to pay your bills on time and save your credit score
The most crucial factor in ensuring a good credit score is meeting your monthly payments – in full, and on time. But how can you guarantee you don’t miss any payments?
What are your financial responsibilities in the funeral of your employee’s family?
When your in-home employee loses a loved one, your heart will go out to them, and you may feel compelled to contribute financially towards the costs of the funeral. However, this comes with a lot of uncertainty. How much should you contribute?
Deals
Book 3 nights and get the 4th one free at Sun City
Price: Available on request
When: Until 30 June 2021
Where: Johannesburg
Bakwena Spa Mother’s Day Special
Price: From R849
When: Until 09 May 2021
Where: Western Cape and Gauteng
Spur Monday Special
Price: R60
When: Mondays
Where: Nationwide