Blog: Is tech really the solution for underinsurance?
As we move into an even more digital world, with some insurance quotes and policies being completed strictly online, which would better help address underinsurance: re-introducing human contact or using even more new tech? Rosie Simms weighs up the arguments.
In June 2023, Ecclesiastical revealed that 77% of brokers believe there is a problem with underinsurance in the high-net-worth market – up five percentage points from 2022.
The insurer noted the top three reasons why brokers think HNW clients are underinsured: lack of awareness of the huge rise of rebuild/repair costs, out-of-date valuations, and lack of awareness of the value of buildings/contents.
The top five were rounded out by inflation and clients not wanting to pay higher premiums.
ClientsLa
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
Adler Fairways recruits Bristol and Birmingham branch directors
Adler Fairways has appointed Oliver James and Rachael George as branch directors for its Bristol and Birmingham offices.
The stats: Q1 2025 sees commercial rates flattening, as experts predict market softening
Property owners and fleet premiums continue to rise but at a slower pace, while combined liability rates dip into negative figures in Q1 2025, according to the Acturis Commercial Broking Index. Ida Axling reports.
National brokers lead the way on climate guidance with regional firms lagging
Two-thirds of regional and provincial brokers do not provide any climate-related guidance to clients, according to research by Ecclesiastical, while the same amount (65%) of national brokers do so, Insurance Age can reveal.
Meet the MGA: Arkel
Chief underwriting officer Kris Lee outlines why data and people are key to Arkel’s success, none more than recent recruits Matthew Donaldson and Steve Lewis, and how its ‘dream team’ will take it to new heights in a ‘pivotal’ 2025 as it aims to become a multi-line, digitally led £100m MGA.
Cotty eyes Bristol becoming Thomas Carroll’s largest region
Gareth Cotty, group chief commercial officer at Thomas Carroll, details the agility in being independent, opportunities for the Bristol office to become its largest region, and notes further buys and office expansions are not off the table.
Motor MGA faces uncertain future after Accredited does not renew binder
CPD Underwriting Solutions has become one of the latest motor MGAs to face an uncertain future due to the withdrawal of capacity.
Leicester-based broker strikes first acquisition
GOAT Insurance has purchased the full book of business from IGG Insurance, marking its first buy.
Superscript partners with Toolstation
Digital insurance broker Superscript has teamed up with Toolstation, one of the UK’s largest suppliers of tools, accessories and building supplies, to deliver the retailer’s customers access to a new insurance offering.