We appreciate that under normal circumstances, knowing that you have competition may prompt you to offer a better deal. And that you feel it would be rude not to give your current broker the heads up so that they can do so.
We appreciate that under normal circumstances, knowing that they have competition may prompt a business to offer a better deal. And that you feel it would be rude not to give your current broker the heads up so that they can do so.
The insurance market though simply does not work like other markets in the UK.
Once the holding broker is aware that their client is speaking to alternative brokers, they will usually move to immediately consider their defensive position. This will involve reviewing their existing insurer agency database and sending the enquiry to all of the alternative insurers on their books.
This tender process could involve as many as 20-30 alternative insurance providers.
The numbers involved mean any single one of these 20-30 insurers is very unlikely to win the business. And they know this.
Because of this, it is our belief that they will not put in as much effort to securing you the best price.
And if they decide to quote at all, the quote is likely to be far from the best price that would be possible with a little more work.
Whatever their decision, any other broker who may have been able to secure a better deal with that insurer, will now no longer be able to do so due to the logging protocol.