Insurers urged to improve to help the economy
by Richard Kilner
Story link: Insurers urged to improve to help the economy
Insurers across the UK are being urged to raise their game to help the economic recovery.
Independent broker Cowens Survival Capability has stated that two-thirds of companies fail within two years following a major insurance claim due to inadequate policies and paperwork delays.
Associate Director Grant Scott has said that the figure is far too high and that some of the burden of responsibility belongs to brokers.
Scott went on to say that proper insurance policies with attention to detail and solid customer service would help cut the number of failing firms in the aftermath of a major claim.
He also blamed brokers for focusing too much on premiums sold and not enough on the balance sheet protection that helps enable continuity of business.
Earlier in the year Cowen reported that too many SMEs were using price comparison websites and focusing upon cost rather than appropriate coverage.