Service and the bottom line

Intermediaries figure prominently in most business sectors, whether in the consumer goods or the financial services sector, contributing to the successful sale of products and services. Grahame Chiltern, chief executive of insurance broking group, Benfield, believes that in the financial services sector, the underlying product needs the intermediary to add value. Ultimately, Mr Chiltern argues, people buy people. He notes that as far as e-commerce is concerned, the insurance industry is prone to the ‘not applicable here’ syndrome. Mr Chiltern, speaking recently on the Future of E-Commerce in Insurance at the inaugural Wildnet Market Forum in London, described this view as extremely dangerous. The following is an edited extract from his speech.