Key takeaways from the Mactavish Broker Conflicts Report:
- Brokers receive as much as 80% of their remuneration from insurers and just 20% from clients, creating the potential for a huge conflict of interest
- Much of broker remuneration is directly linked to premiums so brokers stand to benefit from the Coronavirus-fueled rise in insurance rates
- These conflicts risk leaving brokers acting as distributors for favoured insurers – often using inappropriate, over-standardised policy terms which have again been exposed by failed Coronavirus related business interruption insurance claims
- Policyholders are advised to run their own competitive tenders amongst brokers as a way of achieving better cover and lower premiums
Download the report to find out more about how much your broker could be making from your insurance placement and to get practical advice on how you can take control of risk transfer.