The Value of Using an Insurance Broker

THE value of arranging insurance through specialist brokers has soared as the recession continues to bite, according to a leading North-East firm.

Darlington-based BiB Insurance, the biggest independent broker in the North East, insisted the latest statistics highlighted the many benefits of going through a broker to get a wide range of policies in place.

BIBA’s figures illustrated how 58 per cent of brokers had faced major fights to see claims paid out while the recession took hold.

Yet over the past gloomy 12 months, 91 per cent were shown to have gained an increased pay-out for a client following an original lower offer from their insurer.

Brokers were reported to have negotiated, on behalf of clients, increases of up to 20 per cent on claims initially made by insurance companies. Ninety-four per cent also managed to get claim rejections overturned either occasionally or often.

BiB director of group development Denis Pinnegar said: “These new figures serve to underline the myriad advantages of clients, whether personal or commercial, employing the services of insurance brokers.

“While insurance companies have obviously been more vigilant than ever in validating claims during the past recession-hit year, brokers have clearly been fighting hard on their clients’ behalf to secure the payments they are entitled to.

“Insurance brokers are experienced specialists and they will put their expertise to good use to find suitable cover for each client’s individual needs.

“They will negotiate with insurance companies and can often secure excellent value-for-money deals.

“And as the recession continues, these qualities should be taken advantage of by clients who want the peace of mind of knowing that their requirements have been handled by skilled professionals.”