FREE TO READ | Insurance Brokers Insight
For brokers to stay relevant in an evolving industry they must offer risk management as well as product advice
The role of insurance brokers has been complicated in recent years by a number of factors, including new technologies and industry and regulatory changes, which have combined to disrupt the status quo.
Competition between direct channels and insurance brokers has increased with some insurers starting to bypass brokers as they move towards digital distribution.
However, Santam's 2022-2023 Insurance Barometer research re-emphasises a point of view held by other industry stakeholders: that brokers still have an important role to play, particularly in a tough economic climate. Rather than focusing on price alone, brokers need to be adding value through strong risk management capabilities.
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