In March 2011, a far reaching research paper was issued by specialist research firm Mactavish in association with PWC. It outlined a number of key issues within the industry and looked to set out recommendations on how to overcome some of the perceived challenges.
3 years on, is it too late for you to make the most of these findings in your marketing?
Have you made any changes to your brokerage as a result?
We posted about this on our .com site back in April 2011. I wanted to re mention this on our new .co.uk site, as if anything, the findings are a sobering topic for discussion.
If you have an opinion on this, let’s discuss in the comments below.
In case you didn’t already know, the report found the following:
- 87% of insurance buyers do not understand the extent to which the duty of insurance disclosure is their responsibility or the consequences of failing to meet this duty.
- Two thirds of buyers (65%) at large companies do not review the materials used to arrange their insurance, and almost all have inadequate discussions with insurers and brokers regarding coverage.
- An increase in insurers questioning claims. The total number of Royal Courts of Justice commercial disputes, excluding bankruptcy proceedings less likely to relate to insurance, jumped by 45% between 2008 and 2009, with some related categories such as professional negligence disputes up over 100%.
- The quality of disclosure underpinning insurance is at best poor, sometimes shocking. – nearly all of the documents used to explain companies’ risks to insurers contained errors or omissions that could directly lead to a large claim being questioned. One high-tech manufacturer failed to provide its insurer with details about high-risk product end-uses, delicate testing work undertaken for third parties or the use of highly sensitive manufacturing techniques.
At The Key 2 Growth we are happy to work with our partners to ensure the ‘right’ messages are communicated with their prospect base.
PWC appear to have stopped hosting the report on their website. I do though have a copy which I can forward to you, simply give me or Ben a call on 01293 880 180, or email insurance@thekey2growth.co.uk
You may also be interested in our summary of the recommendations of the report, my son will add this to the website soon. If you’d like to be updated of this, do sign up to our free insurance marketing advice service.