The Premier Independent Magazine For People In Business In Wales

Insurance: Why Use A Broker?

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Searching for the right insurance can sometimes be quite overwhelming, time-consuming and stressful. Which cover? What price? The variables are endless!

If you’re anything like me, you’re probably enticed by the empowering sales messages of comparison or buy-direct websites. I certainly have been for many years. However, a little trip up recently while claiming made me realise that basically, with my home and car insurance, I’m playing Russian roulette. In this case, it cost me hundreds of pounds, but it could have so easily been thousands.

I basically realised I was having to make decisions I really wasn’t qualified, or knowledgeable enough, to make – and getting little help from the person on the other end of the phone (or screen). Products are being sold on a non-advised basis, and what do I know about insurance?

So, having “enjoyed” a negative experience, prior to renewal I decided to approach a broker – in this case Watkin Davies based in Whitchurch. I spoke to Gina Dixon, Managing Director, to find out more.

Gina, why do so many of us turn to the internet?
Firstly, you can do it in the comfort of your own home at any time of the day. In this day and age, with demands on our time, it is very enticing, and you don’t have to speak to anyone. You are then driven by a sales pitch – always price driven. At no time do they mention advice, because mostly they are non-advised sales.

Ultimately, what does the customer really know about insurance? You are gambling with your most valuable assets. The purpose of the broker is to ensure the product is suitable for your needs, giving you confidence and comfort that your assets are covered.

Usually you have only one of two options: Either, go on-line and deal direct with an insurer where you will be promised the “best price” or speak to a broker to source the most suitable product. The online companies are very enticing – their messages are, for the most part, driven by the idea that you’re going to save money.

Is saving money the priority here though?
Yes, receiving a competitive price is most important, but we believe getting the right advice is even more important. On-line aggregators are price comparison sites, not driven by advice but by sales, they will regularly push their cheapest quote to the top of their recommended products for you to buy. This may not always be the best option for you.

At Watkin Davies, we will always look at ways of reducing the price but not compromising cover and ensure the client fully understands the cover they have purchased. We also commit to reviewing the clients cover each year, this is to ensure the cover is up to date and price is still competitive.

What can customers do if they aren’t confident buying insurance online?
Enlist a broker. A broker will act with your best interests at heart, acting as a personal advisor for you, ensuring you receive comprehensive cover for a competitive price.

What type of clients do you look after at Watkin Davies?
We advise clients with many different needs – from standard residential buildings and contents to high valued homes with private collections. This may include second or holiday homes and unoccupied properties.

How does it work? Do I need to visit your office or can it be handled over the phone?
Both – if you live local to us you can pop in or just give us a call. A dedicated advisor at Watkin Davies will be able to guide you through the process so that you avoid the risk of underinsurance or no insurance, they will source you the right cover and product to meet your needs. You may need a home visit, clients with art collections or high valued items may need further advice on security, safes etc.

Are there any other benefits to working directly with you?
Advice is crucial in ensuring the client is fully protected, this is not available via an online aggregator. When dealing with online offers, does the client always know who they are insured with. Often not, they remember the aggregators name.

We ensure clients are placed in the hands of a financially secure company. And don’t let’s forget claims, we are there to hold the client’s hand through the process. We often have clients returning to us having had a poor experience with a claim through an aggregator – they know we will assist them and support them if there are any difficult issues.

After my recent experience buying direct, I’d suggest anyone considering insurance talk to a broker. Yes it’s good to look at comparison sites but you don’t want to end up shooting yourself in the foot.

What customers say…

For over 35 years we have enjoyed an excellent business relationship with Watkin Davies, like ourselves they pride themselves on delivering a first class service to their customers.

Their ability to react quickly to our business needs, at very competitive prices, has helped us to grasp opportunities quickly and has helped the long term growth and profitability of our company. We view Watkin Davies as a partner to our business not just a supplier.
Ron Skinner & Sons

Watkin Davies understands our business’ needs and has created an insurance programme that reflects this.

It allows us to know that in our specialist areas of work, we have the right cover in place, which allows us to focus on our contracts. We feel confident, that if our needs or activity change, Watkin Davies will be able to manage our risk and advise us effectively.
LME (UK) Ltd & Atlantic Pacific Marine Ltd

Always a great experience- our preferred broker, always very good at getting us the best cover for a competitive price!
K. Bell

Watkin Davies Insurance Consultants
Commercial, financial services, personal, property
029 2062 6226

15 Penlline Road, Whitchurch
Cardiff, CF14 2AA

www.watkindavies.co.uk

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Watkin Davies Insurance Consultants are authorised and regulated by the Financial Conduct Authority

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