With the easing of lockdown restrictions and an end to lockdown in sight, UK businesses are rightly focusing on what a post-pandemic office will look like and how business operations will be affected. The arguably over-used phrase “new normal” makes many promises, but the main immediate focus for many businesses in the insurance world - and beyond - will be surviving the cash-flow pressures caused by the pandemic.
Whilst the insurance industry has appeared to fare better than many in terms of business continuity, there are still some sizable challenges facing brokers after lockdown, as discussed in this article from the perspective of an insurance broker.
Faced with commission clawback from policy adjustments due to the lockdown, many brokers are in the position of working twice as hard for a reduced income. Brokers are carrying out substantial extra work as they make mid-term adjustments to their clients’ policies and then receive a reduced commission from the insurer.