Is there a benefit to changing your insurance broker and how frequently should you change provider?

There can be benefits to changing your broker or insurer, but it depends on your individual circumstances or those of your business.

Here are some of the reasons that our new clients have given as to why they moved to COHIBL:

1. Service – in a world where good service is king, your relationship with your insurance broker is just as important as the price. Unfortunately, we have probably all been the victim of unresponsive or unhelpful customer service at one point or another and it is one of the main reasons we see clients moving from their current broker.  It is important to know that you are being prioritised and that somebody is taking the time to understand your needs.
2. Cover – sometimes when your insurance needs change, or your current provider doesn’t offer the type of cover you need, it becomes necessary to switch to another insurance product. If these changes go unnoticed by your broker, you could be left with a product that is not fit for purpose.
3. Cost – we are currently in the middle of a hard insurance market, this means that due to large claims losses and inflationary pressures, insurers are actively moving their rating structures forward year after year. Despite this there are always options that can be looked at around cost saving. However, it is always important to ensure that you are comparing apples with apples during any cost saving exercise. If your existing broker is not having conversations with you around any potential cost saving options, it may be worth exploring these with another broker.
4. Reputation – it can be difficult to ignore if you have heard negative things about your current insurer or broker, such as a lack of assistance with claims or a poor service level. The relationship with a broker needs to be one of trust and you need to feel completely comfortable in your choice of both broker and insurer.

As for how frequently you should change insurers, there’s no set rule. Some people may choose to switch insurers every year to take advantage of new deals and discounts, while others may stay with the same insurers for many years. Ultimately, it depends on your individual circumstances and needs. However, it can be detrimental to switch insurance providers year after year. This type of insurance placement can lead to a lack of appetite within the insurance market to provide a quotation if they are presented with your insurance requirements year after year.

Here are some pros and cons to consider when thinking about changing your insurance broker:

Pros:

1. Potentially lower premiums: Switching to a new insurance broker may lead to lower insurance premiums. Different brokers have different connections and may have access to different insurers, which could potentially save you money.
2. More personalised service: A new insurance broker may be able to provide more personalised service and tailored advice based on your individual needs and circumstances.
3. Access to more cover options: A new insurance broker may be able to offer you a wider range of cover options, giving you more flexibility to find the cover that’s right for you.
4. Better claims handling: A new insurance broker may have a better track record when it comes to claims handling, which could give you greater peace of mind in the event of a claim.

Cons:

1. Loss of loyalty benefits: If you’ve been with your current insurance broker for a long time, you may have accumulated loyalty benefits, such as discounts or enhanced cover options, that you could lose if you switch to a new broker. Make sure any new broker is aware of these and considers them in any new terms offered.
2. Potential coverage gaps: Switching insurance brokers could result in coverage gaps if there’s a lapse in cover during the transition period. It’s important to make sure that your cover is continuous and there are no gaps in your insurance protection.
3. Unknown level of service: When switching insurance brokers, you don’t know for certain what level of service you’ll receive from the new broker. It’s important to do your research and choose a broker with a solid reputation for quality service. Ask for sight of their customer testimonials, so you can see what their existing customers think about their service.

How we care

At COHIBL we are proud that we have a very positive retention rate and we put that down to a few key things: –

The size of our business means that we can offer a tailored, professional broking service, where our clients are more than just a number.  We take the time to get to know you, what your individual needs are, and how we can help.

We have great relationships with insurers across all classes of insurance.  From commercial, to high net worth, motor fleet, to professional indemnity, we know the insurers that are going to be able to provide the most comprehensive levels of cover for you, at the most competitive rates.

We are extremely proud of our inhouse claims services.  At COHIBL, we have one of the most experienced claims departments in the industry and our ability in this key area has been proven time after time. We know how to get the very best results for our clients and our ethos of ‘we care’ is demonstrated in the way we handle the claims process.

Our experienced team will be able to advise when the best time is to review your insurance provider, so you don’t have to worry about it.  Unlike personal car insurance, shopping around on an annual basis can actually be detrimental to your commercial portfolio.  Some insurance companies may view frequent switches in insurance brokers as a sign of instability, which could lead to rate hikes or difficulty obtaining cover in the future.