Insurance Brokers and colemans-ctts  -  Working Together

 
The past year has seen huge change and upheaval for many national and high street brokers who have been forced to undergo the rigorous scrutiny and compliance of the ever-evolving FSA regulatory system. Although FSA regulations have caused considerable problems, they do ensure a unilateral standard with regard to advice on many matters, including the general insurance business, some of which is the work which we receive from brokers in the form of fleet and personal motor claims.
 
As with insurers, there appears to be a growing trend to operate an in-house claims recovery service, where injury claims are outsourced.  It is in this field particularly that we have been able to assist brokers by identifying their needs and offering them our own core product, with the option of  us providing additional legal services (bolt-ons) to both broker and client.  Each broker receives a uniquely tailored package which together with their own product enhances the service they are able to offer their clients. 
 
Brokers are client-focused and constantly strive to stay ahead of the competition.  With the advent of the insurance 'giants', their services must be constant in what is now a highly competitive market.

Whilst brokers can achieve a certain amount with targeted advertising, they also have to maintain and add to their existing client base. They have several advantages over the direct insurance market. In general, the public dislike speaking to the off-shore call or advice centres associated with large organisations, and brokers are smaller, friendlier, accessible and more approachable (have you seen the colemans-ctts peach?).  People prefer speaking to someone who knows them, and offers a personal service. This personal service must be transmitted throughout the whole claims process, in particular by those to whom they outsource, so that the broker's service is perceived to be seamless.
 
It is also in the interests of the non-direct insurers to foster relations with  brokers who can greatly enhance insurers' premium income stream as they are front line. Brokers are very adept at finding insurers who will offer their customers value for money, and are useful intermediaries for such insurers when a new product is launched and needs to be marketed. They also know their customers and will offer them not only what they want, but what they should have. Many brokers effectively act as an accident management service, ensuring their customer is provided with a courtesy car, and that repairs are authorised quickly and efficiently, with cars that are undriveable being removed to free storage pending repair.  They liaise with the customer, insurer and in the case of an injured party, the solicitor involved, who is usually charged with the recovery of not only compensation for the injury but also recovering uninsured losses.
 
All the above are seen as part of the broker's service, and  clearly a large proportion of the public like this service. We have identified through our work with brokers the assistance which we can give.
 
We intend to assist them in staying one step ahead.

Should you wish to discuss the information contained in this article further, or have questions relating to this area of law, please contact Linda Barnes 0208 296 6701 or barnes@ctts.co.uk