Lumby says clients are reassessing how they spend their money on insurance amid the economic toils from COVID-19.
“Consumers want to know what’s the more scientific logic behind whether they buy this amount of cover, whether they protect their assets, whether they take this amount of retention, what can they afford as a retention and how do they build that through?” Lumby explained.
“It’s really important – this is where people need to refocus on not just valuing insurance renewal but also managing the wider risk landscape. They’re questioning and then producing a scientific and more logical judgement. Going forward,