Consider a commercial insurance broker the next time you buy insurance coverage online, until a recent resurgence of interest due to new online commercial products, they have not had a good Internet experience.
Brokers provide service, information, quality products, claims help and advice along with comparing insurance quotes, qualities that are rare or missing in the alternative self-service world of the online price comparison websites.
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When direct personal outlines cover became an acceptable method of selling and delivering insurance via the Internet, the soothsayers of business doom were crying the tolling of the passing away knell for the insurance broker as a job. Even more so for the business insurance specialist intermediaries.
Commercial insurance has been notoriously difficult to provide auto-quoting underwriting systems for and it was considered by the mandarins that commercial policies could not be sold online to an ignorant public.
It was imagined that insurance business would be dealt with immediate either by phone or online and the broker trade would drop.
What these people failed to realise at that time though, was that the broker business structure, one based on comparing covers and tailoring policies to suit individual requirements, was a time tried and reliable method that would re-emerge online because the peoples favourite method of buying insurance policy, albeit in a new bigger kind of the price comparison site.
Commercial insurance policy price comparison websites were then predicted to replace the broker, as with effect they are providing the same comparative quotation service as the brokers yet on a much larger scale.
Commercial Insurance coverage Brokers realised that they were really missing out unless they embraced the assessment site competition. Many of the larger and much more Internet savvy brokers decided to take on the comparison sites and offer evaluation websites of their own, often with great success.
They took their back again office comparison systems and web-enabled them to provide an user-friendly interface. The bigger commercial insurance sites now competitor the big four price aggregators and a lot of offer a wider range of covers.
With the ability to offer specialist products a broker comes with an advantage over a price comparison site, however many Specialist schemes through commercial insurance brokers can now be found on price comparison sites. You will usually need to look deep and really research the market of quotes offered, to get them though.
Although many smaller agents have signed up to the large price comparison websites, when you search for many you are rarely shown these products. This is because many brokers have place tight underwriting criteria to the kind of business they want from the comparisons site.
Often these restrictions mean that the cost aggregator cannot quote their policy because of the restrictive terms imposed.
Just about all online commercial comparison websites have problems with rigid acceptance rules defined by the underwriting company.
The fact that if for example, your workplace does not reach strict security specifications, then the office package comparison system is algorithmically instructed to decline the business.