"Firms that invest consistently in developing their people will ultimately deliver better outcomes for clients, strengthen trust and help raise standards across the commercial insurance market."
- James Read - Zing365
In its recent report, The SME Underinsurance Trap, the Association of British Insurers (ABI) warned that the UK's commercial insurance market is becoming increasingly complex, with underinsurance among SMEs remaining a significant and growing challenge.
In particular, the report highlighted that many businesses continue to underestimate the value of their assets, overlook emerging risks and fail to review their cover regularly, leaving them financially exposed despite changing economic conditions.
Zing365 has commented on the report, stating that while underinsurance is often viewed as a customer issue, it also reflects the growing complexity facing insurance professionals responsible for advising businesses on the risks they face.
"Underinsurance is often viewed as a customer problem, but it's increasingly becoming a professional knowledge challenge for the insurance industry," James Read, managing director at Zing365, said. "Business risks are evolving faster than ever, and brokers need ongoing access to high-quality learning if they're to keep pace with changing exposures and provide advice that genuinely reflects the risks businesses face today.
"Good professional development isn't about completing a course once a year. It's about giving brokers regular access to practical, up-to-date learning that reflects how the commercial insurance market is changing.
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"Whether it's understanding emerging cyber risks, evolving policy wordings or sector-specific exposures, ongoing CPD helps insurance professionals ask better questions, have more informed conversations with clients and deliver advice with greater confidence.
"Reducing underinsurance isn't just about encouraging businesses to review their policies. It also depends on equipping the professionals advising them with the knowledge and confidence to identify changing risks and recommend protection that genuinely reflects today's commercial environment.
"Firms that invest consistently in developing their people will ultimately deliver better outcomes for clients, strengthen trust and help raise standards across the commercial insurance market."
