[This article was generated by ChatGPT and has been edited by the Surer team for clarity, readability and context.] Intermediaries: The Trust Builders Insurance isn’t like buying a pair of sneakers online. It’s complex, nuanced, and deeply tied to trust. According to a survey by PwC, 67% of consumers prefer interacting with a human when purchasing financial products. This preference stems from the need for clarity, reassurance, and tailored advice—qualities intermediaries excel at delivering. While direct-to-consumer platforms promise convenience, they often lack the personal touch. Intermediaries, on the other hand, are trusted advisors who can simplify complex policies, navigate regulatory hurdles, and create long-lasting customer relationships. By investing in intermediaries, insurers can leverage this trust to build loyalty and retain customers. The Numbers Don’t Lie Let’s talk numbers. A study by McKinsey revealed that intermediated sales channels continue to dominate the global insurance market, accounting for 70-80% of total premiums. Even in the digital age, intermediaries are the backbone of the industry. Moreover, research from Bain & Company shows that customers acquired through intermediaries tend to have higher lifetime value. They buy more, stay longer, and are more likely to refer others. Why? Because intermediaries provide that crucial human connection that fosters trust and loyalty. Rather than trying to compete with intermediaries, insurers should view them as strategic allies. After all, why fix what isn’t broken? Supercharging Intermediaries with Technology If insurers want to stay competitive, the answer isn’t cutting intermediaries out of the equation—it’s enabling them with the right tools. Enter insurtech. Technology can transform how intermediaries operate, making them faster, smarter, and more efficient. For instance: Collaboration Over Competition The insurance landscape is evolving, but one thing remains clear: intermediaries aren’t going anywhere. They’re integral to building trust, driving sales, and delivering value to customers. Instead of sidelining intermediaries, insurers should recognise their potential and invest in their success. By providing intermediaries with cutting-edge tools, training, and support, insurers can create a win-win scenario. Customers get better service, intermediaries thrive, and insurers see higher retention and growth. Now that’s what we call a policy worth underwriting! It is fuss-free. No credit card or payment required.
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