Webinar Brokers & coronavirus: What is the new normal?

Whether it is the controversy over business interruption (BI), to day-to-day concerns of running remote teams, as well as brokers facing unprecedented challenges, the pandemic has been eventful.

This free webinar, sponsored by RSM, was the first of a series of monthly virtual events exploring what the new normal will look like. Will the crisis have changed clients’ views of insurance forever, as it is perceived as having failed in a time of need? Or will it increase demand for the type of risk management expertise that only brokers can offer?

On 13 May Insurance Times held a webinar sponsored by RSM to examine the ongoing BI scandal, how firms have transitioned to working from home and the unprecedented challenges that brokers face ahead. 

Panellists included: 

• Peter Allen, co-head financial services at RSM
• Saxon East, content director at Insurance Times
• Simon Mabb, group managing director at Romero Insurance Group
• Ashwin Mistry, chairman at Brokerbility
• Matt Pini, head of UK wholesale at Direct Insurance Group London

Covid-19 controversy 

Mabb and Mistry discussed how home working was putting pressure on the commercial property market. 

Meanwhile a poll taken during the webinar suggested that more than three quarters of brokers that attended the virtual event thought that the pandemic had “badly damaged” the insurance industry’s reputation. 

Mistry added that the ”unintended consequences of sloppy underwriting” and ”boilerplate clauses” was contributing to the headache that brokers are experiencing for rejected BI claims

In addition to this the consensus from the expert panel on the webinar thought that the impact of the coronvirus would mean an overall hardening of rates for businesses. 

Watch the full webinar below: