Majority of brokers currently play limited role as
price discoverers, while some lack professionalism and have failed to build a trust-based
relationship with their customers.
The insurance broking industry grapples with multitudes of challenges including high
fragmentation, inadequate penetration due to low level of risk appreciation, lack of
product innovation, and evolving regulatory landscape.
According to our corporates’ survey, the most important reason to switch brokers could
be “poor servicing by brokers” — mentioned by close to 80% of respondents.
According to our corporates’ survey, around 50% of corporates are willing to avail
comprehensive risk management services, bespoke coverages and analytics services
from brokers in the next five years.