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reasons why brokers think HNW clients are underinsured: lack of awareness of the huge rise of rebuild/repair costs, out-of-date valuations, and lack of awareness of the value of buildings/contents.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
Biba 2025: The new era for insurance broking with AI and MGAs
Artificial intelligence will not replace advisers, but will add to decision making, while managing general agents will continue to become increasingly relevant to brokers, delegates at the British Insurance Brokers’ Association conference heard today.
Biba 2025: Caroline Barr named first female chair at Biba
British Insurance Brokers’ Association CEO Graeme Trudgill has announced Caroline Barr as the incoming chair in his welcome speech at the 2025 Biba conference, and he looks to keep the pedal pressed to the floor.
Biba 2025: Trade body launches national insurance broker advertising campaign
The British Insurance Brokers’ Association has launched a national advertising campaign to promote insurance brokers to SMEs.
Acrisure UK boss happy with deal pipeline as he dismisses “myth” of diminishing targets
The boss of Acrisure’s UK retail business has rebuffed suggestions it has missed the boat in terms of having the best pick of suitable broking acquisitions – and pointed to its ownership structure and “myth” about size of potential target base as factors in its favour.
Biba 2025 Countdown: Pen Underwriting’s Sarah Breslin
With just a day to go until the Biba conference Sarah Breslin, managing director for commercial UK & Ireland at Pen Underwriting, is promising a big, bold and colourful stand from the MGA, with a hint of Minecraft as she relishes the chance to talk about all Pen can offer and do business.
Meet the MGA: Shape Underwriting
Mandy Hunt, managing director of Shape Underwriting, explains the logic behind rebranding the Clear MGA business; outlines its holistic approach to acquisitions; and pinpoints the importance of recruiting staff who understand collaboration, integrity and honesty.
Biba seeks insurer meetings after publishing disclosure advice
The British Insurance Brokers’ Association has launched cross industry guidance that it hopes will reduce misunderstandings over what should have been disclosed when cover was taken out - which in some cases will cause a claim to be repudiated or reduced.
Newbie News: CastleBridge Risk Solutions
CastleBridge Risk Solutions founders, Tim Grant and James Dunsby, tell Insurance Age how the business will focus on service, the importance of relationships, and all about its partnership with Cornerstone Finance Group and Imperial Chartered.