October 2019
Featured in this insight: Financial services
Professionalism is 'most important' factor when choosing an insurance broker: When it comes to choosing an insurance broker a new survey conducted by Global Risk Partners (GRP) has found a third of respondents rank professionalism as the most important factor.
The poll of 5,000 people set out to understand what customers seek from a broker and what will help maintain their loyalty.
The findings published by Insurance Age, found that after professionalism, customers looked for the lowest price, with more than a quarter (28%) saying it was important.
In third place was 'ease and convenience' selected by almost a fifth of respondents (19%).
Having access to a local working broker was important to 14% of those polled, while 9% said that the quality of the wording on the policy was a high priority.
Asking respondents about their current broker and why they chose to use them, 15% said an 'excellent service' was of paramount importance, while the same percentage reported that a word-of-mouth recommendation was what prompted them to go with them.
For one in ten, a personal connection with an employee at the company prompted them to select their provider, while 12% said it was down to the insurer being local and the convenience that offered.
One in ten reported that the broker or company's long-standing reputation had encouraged them to select their broker, while 8% disclosed that it was the cost of the package of product.
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