Online Insurance: The End of the High Street Broker?

When I was a lad, some 25 old age ago, the Insurance Company called to your door every calendar month to accumulate your life insurance premium. My remembrance is of a dreary suited adult male having to run the metal glove of vicinity domestic dogs rather like the postman.

Then through the 1880s more than and more people establish their wages being deposited directly into hastily put up bank accounts; this led to the standing order for paying all kinds of regular measures including insurances and heralded the death of the door to door representative. An economic system quickly realised by large insurance companies in the UK.

Then during the 1890s large firms latched on to the thought of “direct” which is a convenient abbreviation for cutting out the center man. Just watch television or listen to the radiocommunication sycophant and you are certain to detect this direct and that direct. The intent of this in the human race of insurance is to cut out the traditional high street broker and the percentage paid to them wherever possible.

The coming of the Internet and its increasing usage in most homes up and down United Kingdom have accelerated the “direct” phenomenon. The large male children have got quickly realised that websites are cheap to construct and in improver there is a small regular army of privately owned websites on the World Wild Web that are more than than happy to advance their insurance merchandises for a committee – this committee usually being a batch less than a typical store presence broker is currently paid.

This all sounds very good………for the PLC that is. From the consumer’s point of position the casualty in all this is usually the degree and quality of service. It’s mulct when you are arranging your policy on the phone or on the nett and you can even have got the privilege of paying there and then by credit card. What will the “direct” experience be like when it come ups to making actinium claim? Just how “direct” is a call-centre located in India? While you the consumer are no uncertainty seeing some of the nest egg by skipping the broker don’t believe for one minute that all the nest egg are being passed on.

So in 10 old age clip will the high street broker be a thing of the past?