Think about a commercial insurance broker the next time you buy insurance policy online, until a recent resurgence of interest due to new online commercial products, they have not had a good Web experience.
Brokers provide service, knowledge, quality products, claims help and advice as well as comparing insurance quotes, qualities that are uncommon or missing in the alternative self-service world of the online price comparison websites.
When direct personal outlines cover became an acceptable method of promoting and delivering insurance via the Internet, the soothsayers of business doom were crying the tolling of the dying knell for the insurance broker as a job. Even more so for the business insurance plan specialist intermediaries.
Commercial insurance had been notoriously difficult to provide auto-quoting underwriting systems for and it was considered by the mandarins that commercial guidelines could not be sold online to an ignorant public.
It was imagined that all insurance business would be dealt with direct either by phone or on the web and the broker trade would decline.
What these people failed to realise at the time though, was that the broker business structure, one based on comparing covers plus tailoring policies to suit individual needs, was a time tried and reliable method that would re-emerge online because the peoples favourite method of buying insurance, albeit in a new bigger type of the price comparison site.
Commercial insurance coverage price comparison websites were after that predicted to replace the broker, as in effect they are providing the same comparison quotation service as the brokers but on a much larger scale.
Commercial Insurance policy Brokers realised that they were really missing out unless they embraced the comparison site competition. Many of the larger and more Internet savvy brokers decided to undertake the comparison sites and offer evaluation websites of their own, often with excellent success.
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They took their back office comparison systems and web-enabled them to provide an user-friendly interface. The larger commercial insurance sites now competitor the big four price aggregators and several offer a wider range of covers.
With the ability to offer specialist products a broker comes with an advantage over a price comparison web site, however many Specialist schemes through commercial insurance brokers can now be found on price comparison sites. You will often need to look deep and really research the market of quotes offered, to get them though.
Although many smaller brokers have signed up to the large cost comparison websites, when you search for many you are rarely shown these products. This is because many brokers have place tight underwriting criteria to the type of business they want from the comparisons site.
Often these restrictions mean that the price aggregator cannot quote their plan because of the restrictive terms imposed.
All of online commercial comparison websites experience rigid acceptance rules defined with the underwriting company.
The fact that if for example, an office does not reach strict security specifications, then the office package comparison strategy is algorithmically instructed to decline the company.