Talking about the implementation of IDD, James GRINDLEY restated once again the importance of avoiding over-regulation in insurance. "We should try to keep insurance simple, let's not complicate it with too many requirements, too many forms that the clients must fill", he declared.
IDD, through its transparency standards, offers a chance for the intermediaries and insurers in the Romanian market to regain the consumers' trust.
"This is an opportunity for the brokers [in Romania]: transparency will improve the market. All of us know that the Romanian insurance market went through a bumpy ride. Clients need to know now that they have solid insurers, that if they have a claim, they will be paid", James GRINDLEY explained.
For the intermediaries to add more value to their services, they must become more involved in the claims management process. "I believe that brokers earn their commissions by adding value. Brokers need to be more involved in the claims handling", James GRINDLEY concluded.
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