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How Insurance Broker Create Value : A Functional Approach

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abstract Fundamental changes in the market make it necessary for insurance intermediaries to conti-nuously redefine their roles. This study concentrates on a customer perspective of the future role of insurance brokers, using the theoretical foundations of the customer value approach. Findings from 20 in-depth interviews with leading managers of various types of multinational companies are supplemented with the results from interviews conducted with representatives of intermediaries and insurers. From this study it can be concluded that, depending on the customer’s individual situation, brokers will assume one of four functions, the choice of which will be highly dependent on the degree of innovation and individualization desired. The investigation shows that although traditional transaction-oriented services will continue to be important, there will be a shift toward tailor-made solutions with an emphasis on consulting services, a situation that will require brokers to acquire new skills so as to be able to meet customer needs.
   
type journal paper
   
keywords Insurance Broker, Customer Value, Functional Approach, Commercial Insurance, Value Creation
   
language English
kind of paper journal article
date of appearance 28-1-2010
journal Risk Management and Insurance Review
publisher Wiley-Blackwell (Malden, MA)
ISSN 1098-1616
ISSN (online) 1540-6296
DOI 10.1111/j.1540-6296.2009.01176.x
volume of journal 13
number of issue 1
page(s) 1-20
review double-blind review
   
citation Maas, P. (2010). How Insurance Broker Create Value: A Functional Approach. Risk Management and Insurance Review, 13(1), 1-20, DOI:10.1111/j.1540-6296.2009.01176.x.