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01 June 2010

1st June 2010: The quality of coverage ranks higher than price amongst brokers when recommending insurance policies to clients, according to specialist general insurance provider Assurant Intermediary. Results of an independent survey also revealed that one third of mortgage brokers see the Internet, direct sales and consumer preference to choose price over quality as the key threats to their business this year. Kevin Paterson, Sales and Marketing Director for Assurant Intermediary comments: “It is encouraging to see that brokers stand by the quality of an insurance policy and view quality as far more important a consideration than price, despite consumers’ continued pressure to shop purely on price alone. “It is only at the point of claim that customers who buy solely on price without ensuring that the policy gives them the level of cover they’re looking for realise their mistake. Brokers and the financial services industry can help consumers learn more about the quality of their policy, but we face an uphill struggle. The rise of aggregators has meant that the gap in perception between what an insurer believes is a fair price, and what the consumer is willing to pay has widened.” A notable number of respondents also quoted regulation and RDR in particular as the key threat to their business in 2010. Unsurprisingly, just under a third of respondents quoted the recession and the poor state of the mortgage market as threats. Assurant Intermediary carried out the survey amongst more than 2000 mortgage brokers in the UK. The survey will be carried out yearly as a barometer of UK broker attitudes to general insurance. - ends – Media contact: Lesley Russell at Spotlight Communications Tel: 07815 778038 Email: lesley@spotlightcomms.co.uk About Assurant Intermediary Assurant Intermediary is part of Assurant Solutions based in the UK. Assurant Intermediary is a specialist in the mortgage broker and intermediary market, delivering a range of general insurance products that support them in their day-to-day business and provide their customers with value for money protection. Its products include: mortgage and payment protection insurance, income protection, residential buildings and contents insurance, landlords' let property insurance and home emergency cover. Assurant Intermediary is the trading name for Assurant Intermediary Limited, which is authorised and regulated in the UK by the Financial Services Authority. Visit: www.assurantintermediary.co.uk

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