Brokers urge insurers to signpost non-standard risks

The Prestige Underwriting Non-Standard Survey has revealed a significant issue. Insurers and price comparison websites (PCWs) often decline non-standard risks at the quotation stage. This practice is becoming increasingly untenable.

As the non-standard market continues to grow, 88% of brokers surveyed believe insurers and PCWs should take action. They should direct customers with non-standard risks to specialists who can meet their needs. Many consumers face rejection. One-fifth (20%) of home insurance quote enquiries are declined due to non-standard risks. Yet, there is little to no signposting to providers who could help. This leaves many consumers without adequate options.

Call for improved handling of non-standard risks

Tim Baxter, head of broker development & partnerships at Prestige Underwriting, emphasised the need for change. He stated:

“For many insurers, the risk profile of non-standard customers falls outside their underwriting footprint. We encourage insurers facing this situation to enhance their service provision by implementing a swift and efficient signposting solution. This approach would not only offer commercial benefits to insurers but, more importantly, would address the unique needs of non-standard customers, ensuring they can access appropriate insurance policies to meet their requirements.”

The call for better handling of non-standard risks is growing louder. Prestige Underwriting’s survey underscores the urgent need for insurers to adapt. This change is vital for meeting the evolving demands of the non-standard market. Specialist MGAs, with their deep expertise in non-standard risks, are well-positioned to assist. They can help insurers address these unique challenges effectively.

Image: Canva.

Emma Cockings Emma is a content editor for Claims Media. Emma is a experienced writer with a background in client-centric personal injury for a major firm. She has attended and reported on multiple brokerage events throughout her career.