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23rd June, 2008
Brokers want breadth of coverage for clients more than commission says CFC Underwriting
In a straw poll of brokers conducted by specialist liability insurer CFC Underwriting, 83% said breadth of PI coverage was the main motivator when deciding where to place business.
When asked to rank their top four reasons premium came second with 73% and third was flexibility of underwriters in relation to coverage with 56%. Surprisingly the level of commission/remuneration was the second lowest factor, at just 14.5%, pipped to last place only by availability of risk transfer, which barely registered at 1.7%.
Graeme Newman, Business Development Manager for CFC commissioned the research: "We regularly review our procedures so we keep abreast of brokers current priorities. We would expect premium to be right up there as a purchase motivator, but even in this soft market, it is apparent that clients are not just buying on price. Brokers are really looking for policies to deliver broad coverage, and over half of them questioned in our survey expect flexibility from insurers when it comes to putting together the right package."
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