Public confidence in brokers grows

Insurance brokers are now more highly regarded than they have been for decades, according to a Roy Morgan study.

About 16% of respondents rate brokers as having high or very high standards of honesty and ethics – the best return since the annual Image of Professions Survey began in 1979.

However, brokers still languish in 22nd place on a list of 30 professions, which is topped by nurses (91%) and propped up by car salesmen (3%). Financial planners place 17th (28%).

Last year insurance brokers were 26th, with just 13% of the public giving them a favourable rating.

National Insurance Brokers Association (NIBA) CEO Dallas Booth says he has serious reservations about the survey’s usefulness.

“It is a survey of perception and I’m not sure it provides much guidance on true views,” he told “The majority of people buy insurance direct and have never spoken to a broker in their lives.”

Mr Booth says research such as Vero’s SME Index is much more valuable.

“When you survey people who use brokers, they know they give good advice, are professional and add value. There are some people who do not understand what brokers offer, and that is for NIBA to tackle.”

Source: insurance | 14 April 2014

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