The deal made between the insurance industry and the government last year has improved access to insurance for older consumers.
According to new figures released by the British Insurance Brokers’ Association (BIBA), the Signposting Agreement – which came into effect on April 6th 2012 – there has been a 200 per cent increase in calls and web-hits to the company’s Find a Broker service.
In addition, more than 43,000 people have been put in touch with a specialist broker for the type of policy they are after, while prior to the deal older individuals were often turned away from insurance because of their age.
Steve White, chief executive of BIBA, said the research demonstrates that not only was there a need for the Find a Broker service, it can also make a real difference to consumers who are struggling to find cover.
“We would like signposting to be expanded to other areas of insurance where people struggle to access cover,” he added.
This comes after the government introduced the new Consumer Insurance Act earlier this month (April 6th), which reassured people their claims will not be declined if they accidentally fail to disclose information to their insurer.