It might seem like a simple question, but our answers might surprise you. Insurance brokers have, in the past, had a reputation for being ‘middlemen’ or creating an ‘unnecessary, complicated extra step’ in the process of taking out insurance. That couldn’t be further from the truth.
The role of insurance brokers is an important one; people and businesses often rely on brokers to take care of all their insurance matters so that they don’t have to. Brokers also provide that cradle-to-grave advice-led support that can often prove invaluable. The time and money-saving benefits are clear to see.
But what is the actual function of a broker? What type of skills and qualities might someone be looking for when researching their options for an insurance broker? How does our service differ from a non-personal price comparison website?
So, what services do insurance brokers deliver?
1. Provide specialist advice to meet your specific needs
Insurance brokers usually have specialisms, working with a wide range of industries and trade sectors with a proven track record of delivering high quality services.
At Gravity Risk Services, our work spans manufacturing, engineering, motor trade, construction, professional services, property owners, wholesalers, cyber and many more. We get to know your business inside out, so you can be sure you’re getting the correct cover.
Our dedicated brokers have built up a wealth of knowledge and experience, so our bespoke packages are built around the unique characteristics of the industry, including sub-contractors and tiered supply chains. We provide trusted impartial advice that will keep your business secure and protected in the face of the many challenges businesses experience.
We have always positioned ourselves as a ‘one stop shop’ for risk related advice i.e., more than just insurance broking. We offer Risk Management advice, support in the complex area of Health & Safety as well as Business Continuity. We continue to build relationships with associated service providers to assist our clients with extended services.
2. Allow you to speak to a real, knowledgeable person!
Tired of speaking to an automated chat or call centre that doesn’t actually understand your needs? Insurance policies are almost always complex and often contain endless jargon; it’s hard to know what is/isn’t covered to an untrained eye.
As an insurance brokerage, we also hold Chartered Insurance Broker status under the CII (Chartered Insurance Institute), meaning that we uphold extremely high standards in all aspects of our work. Our brokers are committed to ongoing training and development and have all undertaken CII assessments and exams in order to become fully certified in selling insurance, highlighting the benefits of using our team of trusted advisors.
Our brokers keep up-to-date with the latest insurance news and changes in regulation. It is a legal obligation by the FCA (Financial Conduct Authority) to ensure our advice given to you is well-informed and accurate, so that we do not neglect your needs.
This demonstrates our commitment to professionalism – by recognising and reinforcing standards of knowledge, capability and ethical practice throughout our organisation. Chartered Insurance Broker status is an exclusive title, only awarded to firms which meet rigorous criteria relating to professionalism and capability.
Most importantly, we are always just a phone call or email away if you ever have any queries or concerns.
3. Use their expert eye to spot what a comparison site can’t
Attentive, knowledgeable, and friendly customer service is always at the forefront of an insurance broker’s mind. Gravity Risk Services offers face to face, trusted advice which will save you time and money to give you peace of mind.
Unlike automated internet insurance providers, we get to know you and understand your needs. Price comparison websites assume that you have the knowledge to know exactly what you need… But what if you don’t? You may end up missing a clause or exclusion in your policy, leaving you potentially vulnerable.
We also take the time to explain to you the importance of policy clauses, conditions and warranties, something we continue to find many of our competitors fail to do.
4. Treat you as a person, not a policy
Insurance brokers understand that behind a policy is a person, family or business that requires that protection. Having a claim often means some kind of upheaval or disruption to your life/work has taken place, and we treat this with the utmost sensitivity and care.
In the event of a loss, we understand the importance of working with you in a timely and sensitive way. We know that these early stages can be very distressing while insurers investigate the details of the policy as well as any potential conditions or breaches, but we will be hands-on throughout this process.
We bridge the gap to create a more personal service, we abandon the principal that business (particularly insurance) should remain strictly transactional, and we’re always here to help when you need us the most.
5. Maintain close-knit connections with insurers to get you the best deal
The relationship between insurers and brokers is at the core of the industry, ensuring that we work in harmony to deliver a consistently high level of service, suitability of pricing and quality of product, appropriate and adaptive to the needs of an individual or business.
Over the years, we have built strong two-way relationships with insurers. We have set high standards for their delivery of service, just as they have with us. It is important to us that insurers remain responsive so that nothing gets delayed in the insurance submission or claims process, causing you any further disruption.
As we work with so many varying insurers, from big names such as Aviva, AXA, Zurich, Hiscox and many others, to the smaller, more specialised ones; we are able to ‘shop-around’ on your behalf to find you the best deal and most suitable cover.
Insurers rely on brokers to provide the expert advice and clearly explain what their policies cover, while they are able to provide bespoke, quality products at competitive prices.
6. Knowledge of the local and national market
The insurance market, on a local and national scale, is everchanging. Over the past few years during the pandemic, market conditions have fluctuated on a vast scale. Insurance brokers have a deep knowledge of the market and know how to quickly adapt to changing market conditions, often called a ‘hard or soft market cycle’.
We act as your champion out there in the marketplace, whether it is in a hard or soft cycle, to get you the best cover for your business. As a specialist broker, we know the right insurers to approach rather than flooding the market, which can have a negative impact on how the insurance market views your business. We also know how to present your business clearly with a view to getting the right cover at the right price.
We always keep a close eye on and respond swiftly to any market fluctuations. We will get in touch with you ahead of your renewal date to discuss your personal circumstances and how any changes in the insurance cycle will affect you.
Therefore, there are many advantages to using an insurance broker that you may have not considered before. If you’re interested in the service that Gravity Risk Services has to offer, why not give us a call today on 0121 270 5809 or drop us a line at firstname.lastname@example.org.