Competitive pricing 'biggest influence on insurance decision' - Published 2nd Feb 2010
Businesses looking for insurance have cited competitive pricing as the most influential factor when it comes to deciding which company to go with.
According to a new survey by QBE, as well as premium price being taken into account by three-quarters of firms, many said they prefer to go to insurers directly, rather than through a third-party broker.
Meanwhile, just 16 per cent of small and medium-sized enterprises (SMEs) said they were planning on taking advice from the insurance sector in the first half of 2010.
Terry Whittaker, managing director of QBE Europe's national division, said: "Given the current economic environment, it is unsurprising that price is the top priority for UK SMEs.
"However, as an industry there clearly is work to be done in explaining the added value that a quality insurance service from brokers and insurers can deliver."
Recently, the Government Equalities Office claimed that competition in the personal lines insurance sector, particularly motor and home insurance, remained robust.
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Businesses looking for insurance have cited competitive pricing as the most influential factor when it comes to deciding which company to go with.
According to a new survey by QBE, as well as premium price being taken into account by three-quarters of firms, many said they prefer to go to insurers directly, rather than through a third-party broker.
Meanwhile, just 16 per cent of small and medium-sized enterprises (SMEs) said they were planning on taking advice from the insurance sector in the first half of 2010.
Terry Whittaker, managing director of QBE Europe's national division, said: "Given the current economic environment, it is unsurprising that price is the top priority for UK SMEs.
"However, as an industry there clearly is work to be done in explaining the added value that a quality insurance service from brokers and insurers can deliver."
Recently, the Government Equalities Office claimed that competition in the personal lines insurance sector, particularly motor and home insurance, remained robust.
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