From the COVID-19 pandemic to Stage 6 load shedding, South Africans have been faced with an unprecedented amount of disruption over the past few years. As a result, insurance is becoming less and less of a grudge purchase and instead is seen as essential. This makes the job of insurance brokers more important than ever before as they are tasked with bridging the gap between client expectation and policies.

A changing mindset towards insurance

Living through disruptive times has made consumers acutely aware of the value of insurance in protecting themselves and their assets. The uncertainty and unpredictability of natural disasters, cybercrime and supply chain shortages, among others, can leave individuals and businesses financially vulnerable. This has led to a change in perspective towards insurance, with more people acknowledging that insurance provides a safety net to cover the cost of these unexpected expenses. In this ever-evolving risk landscape, insurance is now regarded as a necessity for mitigating the potential financial impact of these disruptions.

What’s more, it’s not just consumers and businesses who are adapting to these challenges, but also the insurance industry as a whole which is transforming to be more customer-centric.

Setting realistic expectations

As mentioned, this rise in the desire for insurance is highlighting the value of brokers in ensuring clients are fully informed about the policies they are purchasing. In addition to this, a broker’s function is to prevent any misunderstandings that may result in client disappointment and dissatisfaction should a claim be refuted.

Your broker needs to clearly communicate the terms and conditions of your policy to you. This means providing you with details of any limitations or exclusions that may apply, as well as any deductibles or co-payments applicable.

Furthermore, make sure that your broker advises you of any additional coverage options available that are relevant to you or your business. For example, many insurance policies have add-on options, such as car hire, which can provide additional protection in the event of an accident.

Maintaining communication

It is important to stay in regular contact with your broker to ensure that your coverage is satisfactory and to address any issues or concerns that may arise. Foster a positive relationship with your broker, by staying in touch and conducting regular reviews of your needs. Transparent communication, realistic expectations and continuous engagement helps clients and brokers build trust, so that you are satisfied with your insurance coverage.

For more information, please contact an Indwe advisor on 0860 13 13 14 or indwe@indwe.co.za.

Indwe is an authorised Financial Services Provider. FSP: 3425