Brokers ‘oil in the wheels’ in building trust in insurance industry

Brokers are the “oil in the wheels” when it comes to building trust in the insurance industry, according to Yutree Insurance managing director Laura Hancock.

Speaking at a session entitled Insurance Broking – What Does Good look like at the Biba conference yesterday (11 May 2023), Hancock said brokers were “core underpins” of the sector and that good broking was about “being trusted advisors” to clients.

Commercial insurance broker and underwriting agency Yutree was established in 2011.

Hancock felt that brokers should be “educated well enough” so they can “explain [to] clients what they are being insured for”.

She added: “Building on that idea of mutual support throughout the industry and trust is at the heart of everything.”

Investment

Meanwhile, Simon Mabb, managing director at The Romero Group, said brokers can be educated through apprenticeships to help them build trust with clients.

“It’s about adding value to the business,” he said.

And Florence Dennis, chair of East Midlands Biba Committee, added: “If you invest in them, they will invest in you.”