The Chartered Insurance Institute has published data demonstrating that professional brokers help to minimise the gap between how consumers expect to be treated by insurers and their actual experience. Its latest Public Trust Index found that brokers are doing more to build consumer loyalty and confidence than price comparison sites, banks and building societies, or insurers themselves.

Dr Matt Connell, group policy and public affairs director at the CII, said: “Insurers have done a great deal to comply with the FCA’s General Insurance pricing rules over recent years, but these latest data suggest consumers are yet to be convinced that they are benefitting.

“That said, consumers rated brokers’ performance as better than any other for buying insurance. The results underline the importance of interactive advice to consumer understanding. While some may see the services brokers offer as simply a cost to the consumer, it is clear from this evidence that if insurers want to achieve the highest levels of consumer understanding, a tailored explanation from an adviser is essential.

“The data indicate a similar story with respect to the speed of claims. As such, given the focus on the key Consumer Duty outcome of customer support, consumers who buy through a broker are much more likely to be impressed by the service they get.”