Brokers benefit from having asset registers done for their clients through the availability of accurate information which includes replacement values for items in the event of an insurance claim. This assists in the finalisation of accurate and speedy insurance claims and limits the broker’s exposure to public and/or professional liability.
By identifying customers who are potentially over- and/or under-insured not only assists the broker in his customer relationship management endeavours but ensures that clients are correctly insured, and ultimately adequately covered. It also assists the insurer in determining its risk profile. The compilation of a detailed asset register furthermore increases the possible commission that can be earned by the broker, both annually with asset register updates and/or where the client is under-insured and decides to adjust his/her insured amount to compensate for this fact.
Annual asset register updates can lead to an additional marketing opportunity for the broker and portrays an image of professionalism.