Why and who needs a corporate insurance broker, choose one, and what trends are actively developing in this area. This was discussed with Stanislav Melnikov, the insurance company Pure Insurance owner, by Alexei Belov, president of the Open Line company.
Why Do You Need An Insurance Broker?
The first problem the client faces is what to insure? The company always faces risks: banking, business, insurance. First, you need to understand what can be guaranteed and threats to remove from yourself. As a rule, this is everything that concerns personnel, assets, etc. When a company understands what needs to be insured, it is necessary to understand what parameters: sums insured, conditions, deductibles. And the last question: where is the best place to do it. Which company will better cover the risks, and where it will be cheaper. The last point you need to know is post-service in case of insured events and building relationships with the insurance company.
What Kind Of Business Might Be Interested In The Services Of An Insurance Broker? How Relevant Is This For Small And Medium Businesses?
Insurance brokerage has left the segment of large corporations. At the moment, small and medium-sized businesses face the same problems, so they have increasingly resorted to corporate insurance in recent years. In such companies, as a rule, there is no separate specialist who would deal with insured events.
How Do Companies Choose An Insurance Broker?
The insurance market is now very competitive. It is important to remember that those who claim to be insurance brokers are not, in fact, insurance brokers. The truth is that only a company that has a license from the Central Bank can call itself an insurance broker. At the moment, there are about 50 such companies in Russia. Secondly, it is essential to pay attention to what kind of clients the broker has, reviews and reputation. Well, the most important thing is the conditions.
What Are The Current Trends In Insurance?
It should be noted that the insurance industry is very conservative. In terms of development and progress, insurance has never been among the first. The primary trend is that exciting and available services only to large companies are becoming more popular in smaller businesses. More complex products – are simplified and become more massive.
Digitalization has not bypassed insurance either; several products and services are being digitized and transferred to the online environment. Another trend in the insurance industry is that the cost of services is becoming more affordable. For example, 6-8% a few years ago have now dropped to 2-3%.
Another exciting trend is the insurance of unusual goods or services—for example, drone insurance, cyber risk insurance, etc.
How Has The Coronavirus Affected The Insurance Industry?
If we talk about the industry, some segments sank, and some vice versa. But, in general, the market shows growth. We survived pretty well because we had been working remotely before the first lockdown due to moving to a new office. Now the recession is felt even more potent than in the pandemic year.
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