If you have a legal matter to resolve, you call a solicitor or a barrister. If you need your accounts prepared or audited, you get an accountant and if you want a building surveyed, designed and built you call a chartered surveyor and an architect.
Why, because you generally understand that there are complicated matters that require, the professional attention of those qualified people. What do they all have in common? They have professional registered bodies and they are in a highly regulated industry, with important protections in place for consumers.
So why on earth would you buy complex insurance and financial products direct from an insurer, where there is absolutely no advice about suitability, and ultimately very little protection for you as a consumer if a situation arises where the insurance does not do what you expected it to do?
Insurance brokers are highly regulated and qualified by one of the oldest professional bodies in the United Kingdom, the Chartered Insurance Institute.
The regulatory regime ensures that there is a very high level of protection for consumers and that transactions are completed in a compliant manner with full disclosure of information. Advice is at the forefront of the service, so that suitability and efficacy are almost guaranteed.
In addition there is a whole host of referral processes for dispute resolution, including recourse to the Insurance Ombudsman if necessary and the Financial Compensation Scheme should a provider go bust, during any claim process, before settlement.
So once again I ask, why would you buy direct?
Oh, it’s cheaper?
Well, I’m glad to tell you that apart from Car, Pet and Travel insurance, nothing could be further from the truth. A good broker will approach multiple insurers to find the best fit and the best value for you.
Its no good buying a cheap policy, if it turns out to be just a very expensive piece of paper, which is of little worth when you need it to respond.
Next time at least ask a broker to find out what the difference is between buying direct and taking professional advice. I doubt you will be disappointed.
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Have a great day