In the absence of openness, assume the worst

If a car manufacturer doesn’t share basic data about their vehicles – like power output, fuel economy, and model features – assume the worst. If it doesn’t say it’s got Bluetooth – it probably hasn’t. If it doesn’t say the tow bar is included – because it’s going to cost extra. So far, so ordinary. We know this stuff.

We have also witnessed unprecedented change over the past 20 years towards more openness. That has been good for clients. But it has often been achieved by advisers.

So if an insurer isn’t happy about sharing policy documents with the public then you can probably assume the worst. In spite of consumer organisations trumpeting the value of going direct, or to the bank, my experience is that the companies that deal with advisers tend to be more open.

Advisers have prised information out of insurers – individual clients can easily be fobbed off by uncooperative companies – but when advisers call there is more at stake, so companies pay more attention. Far more information is offered by insurers today than when I first worked in the industry more than 25 years ago. One of the best things advisers do for clients is help them to learn about products and choose what’s right for them.