Brokers and Mediators: Maximum Confidence for the Customer
According to the study “Perception of insurance distribution channels 2014”, brokers and mediators get a good assessment by users. These professionals are appreciated due to the trust they generate and stand out for their empathy, communication and experience. But they are asked to be more agile and to be more innovative.
From Xenasegur , specialists in motorcycle and quad insurance for brokers and mediators, we highlight the work of these professionals and the trust they generate for customers.
Within the “lifelong” insurance sector, it is well-known that brokers and mediators play a fundamental role when it comes to subscribing policies and offering personalized treatment . But, in the case of the latter, do users also perceive it that way? Really, the work of these professionals provides added value?
To clarify these issues, the Center for Studies of the General Council of the Associations of Insurance Mediators ( CECAS ), together with the Fundació Auditorium , has prepared the market study ” Perception of insurance distribution channels 2014 “. A report resulting from the Strategic Plan of Mediation and whose objective is to differentiate brokers and mediators from other channels: banking-insurance, direct contracting and internet comparators.
For this purpose, the research on the perception of the clients regarding the different channels has been based on seven attributes : confidence, aggressiveness, speed, innovation, empathy, communication and experience.
Leaders in confidence
In the case of the first, it has been divided into five ratings: “none”, “little”, “average”, “quite” and “a lot”. And, using a football expression, it could be said that the channel represented by runners and mediators wins by “win.”
Taking into account the two most positive assessments (“quite” and “a lot” of confidence), the agent / broker channel leads the “ranking” with a valuation of 43.5% , a percentage that almost doubles that obtained by banking-insurance (22.9%). In front of this are the direct recruitment (29.1%) and internet comparators (23.2%).
Brokers and mediators more “aggressive”?
As for the “aggressiveness” of the channels related to the process of promotion, sale and advertising of their products, the brokers and mediators are also in the lead.
Specifically, this channel brings together 45.2% of the “fairly” and “very” aggressive valuations , followed closely by direct contracting (41.8%). To explain the perception of “aggressiveness” of insurance brokers and mediators, the study refers to its strong proactivity in personal selling.
Lack of speed and innovation
According to the report, one of the aspects in which brokers and mediators should improve is the speed of sales processes, administrative processing and response service.
In this section, adding the “fairly” and “very” rapid valuations, the channel formed by the insurance comparators is perceived as the most agile by 60.5% of the respondents. After him, the channel of direct contracting (56.8%) also obtains a good note, but both brokers and mediators (39.7%) and the banking-insurance channel (26.4%) are below the average.
The same happens with new technologies and telematic services , associated in the study of innovation . As in the previous chapter, insurance comparators are perceived as a “pretty” or “very” innovative channel when obtaining a 68.9% valuation, the highest of all scales. At a distance, direct hiring (50.9%) is positioned, while brokers and mediators and the banking-insurance channel “suspend”, obtaining 15.2% and 14.8%, respectively.
Empathic and communicative
As we have reflected in other articles in our blog, if insurance brokers and intermediaries distinguish anything, it is because of their direct treatment, an added value that users undoubtedly appreciate.
Thus, 57.4% of customers think that these professionals represent the most friendly or friendly channel , at a great distance from the direct contracting channels (26.4%) and online comparison (24.9%). At the opposite pole, the banking-insurance channel stands at 14.4%. In addition, the latter obtains the highest score (51.2%) if the “little” or “no” empathy / sympathy ratings are added to the insured.
With regard to the ability to communicate with the client, 55.5% of respondents believe that brokers and mediators are “quite” or “very” communicative. Likewise, direct recruitment channels (42.2%) and internet comparison channels (42.1%) obtained a good score thanks to the massive advertising they carry out. Both comfortably outperform banking-insurance (21.2%).
Asked by which channel has more experience in the insurance sector, customers seem to have it clear: that of brokers and mediators (55.5%). With more than 20 points of difference appears the direct recruitment (33.2%) and at a greater distance the banking-insurance channels (23.8%) and Internet comparison (23.4%).
In a special way, those who rely most on brokers and mediators are the adult clients (from 26 to 55 years old) and seniors (over 55 years old): 67.1% and 73.5%, respectively. And young people (less than 25 years old) also have them in consideration, although Internet comparators (65.7%) are particularly relevant in this age group.
By way of conclusion, the channel agent / broker is the one that generates more confidence , while the bank-insurance raises the opposite. In addition, according to users, it is distant, uncommunicative and lacks experience. But both channels have something in common: they are considered outdated and not very innovative.
Regarding the channels of direct contracting and comparison of insurance on the Internet, respondents consider that they are fast and innovative and, in the case of the second, also, little experienced.