Smoother claims outcomes for SMEs using a broker

Smoother claims outcomes for SMEs using a broker

New research shows using a broker means a better outcome for SMEs at claims time compared with buying direct.

Insights from the 2021 Vero SME Insurance Index, which canvassed the views of more than 900 SMEs, found that using a broker can lead to a claims outcome that meets customer expectations.

For example, only 10% of SMEs who use a broker report being dissatisfied with their insurance claim, while 65% are satisfied. This compares with SMEs who buy insurance direct, where 21% report being dissatisfied with their claim.

SMEs using a broker also had a higher percentage of their claimed losses paid out, with 25% saying 100% of the loss was covered compared with 18% for those who bought direct.

In addition:

·        74% of broker clients who reported a high claim outcome were provided in-depth information and analysis on the options available to them.

·        Collaboration between SMEs and their broker was highlighted as a key contributing factor in claims satisfaction, with 82% of broker clients who reported a high claim outcome (over 75% of losses covered) saying they have a collaborative relationship with their broker or adviser.

Keen to know more? Have a chat to your IANZ broker and make your claim time better.

General Advice Warning

The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.

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