When it comes to insurance, price is a major consideration for the majority of people and in recent years Suncorp has come under fire for its pricing structure due to disparities between products. However, Suncorp has defended their pricing structure. Elliott Insurance Brokers CEO John Elliott was asked to comment on the issue.
The concerns were raised after brokers noticed pricing differences in two of Suncorp’s strata products where the disparity between the two brands could be up to 50%. The main concern was that insurance brokers only had access to the more expensive product with the cheaper product remaining exclusive. Suncorp maintained that there was a substantial difference between the two products which accounted for the price difference.
When asked to comment on the issue, John Elliott agreed that pricing differences can be frustrating but pointed out that it happens across the board as insurers tailor their products and pricing depending on the method of distribution in order to maximise their market share.
John acknowledged that these difference pricing structures can be confusing for clients but the focus should be on providing a high level of service and advice to clients so they can see the clear advantages of choosing your brokerage.
For further details, you can view the full article on the Insurance Business website.
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