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Insurers still have issues with flexibility and underwriting, says BIBA

Insurers overall performance has improved but there are still issues to be addressed with flexibility and underwriting according to the British Insurance Brokers Association.

Speed of issue of policy documents and accuracy of paperwork were some of the issues highlighted in Bibas tenth annual survey among 440 personal and 582 commercial brokers.

When policies are inaccurate brokers prefer insurers to revise the policy rather than sending through amendments. The research also showed that improvements in speed of issue and accuracy of documents are seen as important for brokers in adapting to the FSAs rules.

Brokers predict a transformation in the way they transact business, expecting technology to play an increasingly important role. Within two years the proportion of commercial lines brokers saying that they will be transacting 75 per cent or more of their business electronically will be more than double the number currently doing so and 70 per cent personal lines brokers say that they will be transacting 75 per cent or more via electronic data interchange.

Biba chief executive Eric Galbraith says: “Improvements in the service brokers receive from insurers is good news but, of course, neither brokers nor insurers should become complacent. Both brokers and insurers want to deliver high levels of customer service which will ensure that our industry continues to prosper. To do otherwise is to fail to pay customer service the attention it requires.”

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