Advisers have indicated they are set to write higher volumes of business insurance in future.
At time of publishing, 79% of those who responded to our latest poll indicated they expected to write more business insurance. 18% said ‘No’ to this question, with a handful of advisers uncertain about their future activity levels in this area.
One adviser who has a very clear view of the current potential for business insurance is well-regarded Melbourne adviser, Peter Hartnell. In responding to this poll topic, Mr Hartnell suggested that during periods of negative growth, “… people become more aware of their vulnerability in respect of death and/or disability, the business community is no exception to this rule, so it offers more opportunities than ever for business insurance.”
Mr Hartnell also backs his words with action and reports his highest ever business insurance sales have taken place this month.
Adelaide-based adviser, Peter Moyle, also supports the notion that now is a very good time to write business insurance, as outlined in a previous riskinfo story about the lack of businesses that actually have a succession plan in place: Business Succession Plans – Warning
More value-added services are being offered to assist advisers conduct their business in this area, such as a new initiative from IRESS, which is set to offer advisers a needs calculator in its IQM+ package, designed specifically for business insurance. riskinfo will report more details about this initiative in a future story.
Advisers with proven expertise in the business insurance market are also sharing the wealth of their experience at conferences and seminars for advisers, such as the risk store 2009 Conference in March, and other dealer group conferences and professional days.
Life companies are also ramping up their services to advisers, with qualified staff advising on issues surrounding business succession, estate planning, etc… For example, CommInsure runs one and two day business insurance training courses that arm advisers with specific knowledge and skills that will assist them find the right business solutions for their business clients.
But are you convinced that higher levels of business insurance new business will flow through your books? Or do you believe that the same or fewer opportunities exist in the business insurance space at the moment, due to cost and revenue pressures on your clients’ businesses?
If you have yet to have your say in this poll, there is still time to cast your vote before we move to the next topic:
