A survey of more than 400 SME owners confirms high levels of trust and confidence in brokers and demonstrates the “tangible value” they provide.

The National Insurance Brokers Association, in partnership with CoreData and Insurance Advisernet, today released its latest report, Complexity to Clarity: The Broker Advantage.

The business owners surveyed use brokers or have used them in the past. About 84% trust brokers to act in their best interests, and 88% are confident their cover is right for them.

About 95% view brokers as critical to claims resolution, and 94% say brokers enhance their risk management. The businesses report an average of 20 hours saved across the insurance process by using brokers.

NIBA says the report provides, for the first time, a clear understanding of client expectations and needs. 

“This research delivers something incredibly powerful for our profession: clarity about why clients and consumers choose brokers, what drives trust and where our value is most tangible,” CEO Richard Klipin said.  

Australian businesses are operating in an increasingly complex environment, NIBA says, and the report provides “unequivocal evidence” of the role brokers play in achieving positive client outcomes.

Insurance Advisernet MD Shaun Standfield said: “The broker advantage is real, and it is something we should all be proud to champion with our clients, communities and the future generation of brokers entering the profession.”

Find the full report here.