Competition from direct insurers and the need to maintain technical knowledge are brokers’ main concerns, according to a survey for the LMI Group.
They top the list for more than half of the survey’s respondents, with time pressure third on 46%, followed by the increasing complexity of insurance products, compliance and the greater risk of litigation from clients.
LMI Group MD Allan Manning, who commissioned the study by BrandMatters, says insurance contracts are growing in complexity, with constantly changing wordings and new risks such as cyber threats.
BrandMatters worked with LMI to help it understand its customer base in more detail to foster engagement with its clients and inform business decision making and strategic planning. Using cost and time-effective quantitative research as well as comprehensive stakeholder engagement, BrandMatters was able to draw out valuable insights that enabled LMI to develop a range of initiatives including the upcoming launch of its new claims comparison service.
For more detailed information about the LMI research and insights program of work contact the BrandMatters team.