Why use an insurance broker?

by John Price, account executive, FUW Insurance Services



SO you may or may not be aware of this new piece of technology that people are calling the ‘internet’. Basically, it can be used to help you with almost anything you want! Want to check the weather in your area? WHAM, thank you Google! Eager to find out what somebody you were once friends with is now up to without them knowing? BANG, cheers Facebook! Need to see photos of anybody anywhere else in the world enjoying in the sun because it’s raining again here in Wales? BOOM, Instagram you beauty! And apparently you can also use the internet to deal either direct with insurers or through ‘comparison sites’ to search and buy various types of insurances.

But why do consumers generally think they benefit when they buy insurance direct?

There are obviously some benefits of using online quote engines. They are quick ‐ even instant, you get to compare many different insurers at a click of a button and most of all they put YOU in control, OR DO THEY? Comparison sites are not always the best way to buy insurance. Many people turn to the internet sites to look for the cheapest insurance BUT that’s not necessarily the best way. You can end up with very generic covers that may not be best for your individual circumstances. Do any of us really understand what we are doing when buying insurance online? I mean, how many of us would take the same approach to similar important aspects in our lives? Buying a house for example. Shall I get a structural survey? Nah, I’ll watch a tutorial on ‘how to complete a structural survey on a house’ on YouTube, it’ll be fine! I don’t know about you, but when I recently went through the process of buying a house I needed a professional opinion for peace of mind that I wasn’t buying something that was going to crumble around me as I spent the rest of my life working to pay for the privilege to live in it! So why any different when purchasing insurance? At the end of the day insurance is a legal document/contract, best to get it right, NO?

So what are the advantages of using an insurance broker?

1 For the expertise ‐ Insurance brokers are experts in the market and have a talent for finding the best cover at the best price to fit your needs. They have access to a panel of insurers and MGA’s (managing general agents) that would not normally deal directly with the general public. A broker is also capable of interpreting insurance jargon that you may not automatically understand at a glance. They are also responsible for ensuring that any optional extras, or cover that is not included within a policy, are clearly disclosed to you to help give you a clear understanding of the cover that is being offered. Prime example is when you get asked how much Voluntary Excess would you like. This in fact is in addition to the standard excess (which can vary between insurers) and would also be in addition to any standard young driver excesses. Contrary to popular belief, getting expert guidance does NOT have to cost you more.

2 Working with your broker ‐ Insurers won’t always offer you every type of cover you may need when you go direct, only what you’ve asked for. However, by building up a relationship with your broker, talking through your personal circumstances, your business or work commitments as well as the details of that one insurance you may be looking for at that particular moment can allow the broker to help point out the alternative types of cover or alternative insurances that you may need OR may already have.

3 Help with claims ‐ We are more than just a call centre to take your details. In most cases, as brokers, we not only offer you advice on the procedures of your particular claim, but we also speak to the insurers’ claims departments and loss adjustors on your behalf. We do as much as possible for you so you don’t have the hassle and the worry. But why FUW Insurance Services? With over 70 staff working in or out of 12 offices throughout the whole of Wales and with over 60 years’ experience in the industry, FUW Insurance Services has developed into one of the country’s leading independent providers of both personal and business insurance broking. Dealing with a large panel of insurers, we have access to and the knowledge of an ever increasing range of insurance products. Instrumental to our success is our ‘personal strategy’. Keeping regular contact with both insurance companies and YOU, the customer. We strive to do this so that we (and our insurance companies) have a thorough understanding of your business, what your future plans are and how we can help manage these into your insurance packages. This helps us to provide you with a comprehensive policy which is both reliable and good value for money, which in turn hopefully gives you peace of mind and freeing up your time to do what you enjoy. So why not pick up the phone, give us a call and ask to get to know your local Account Executive and their team. Already know your local FUW Insurance Services account executive? Then take a minute to ask yourself, ‘am I getting the most out of using an insurance broker?’ What sort of relationship do you have with your agent? Do they know the full picture?

You can contact us by calling your local insurance office or on 0344 800 3110 to be directed to your local Executive or we can also be found on the internet thingy ‐ www.fuwinsurance.co.uk.

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