Why You Should Choose Only One Broker

One of the trickiest conversations we have with potential clients is this: “Please only choose one broker to go to market with.”

It can feel a bit uncomfortable. especially when we’re talking about a product most people don’t know much about. to say: “Don’t go anywhere else, just stick with us,” without sounding like a salesperson.

In most other areas, getting multiple quotes is smart business. It encourages competition, keeps everyone honest, and often leads to better outcomes.

But credit insurance is different.  Here’s why. There are only five insurers operating in the Australian credit insurance market. And maybe a dozen specialist brokers, if that. It’s a small, tight market. When you engage more than one broker to approach those same five insurers, this happens:

• Each insurer receives multiple quote requests for the same company
• They recognise the buyer and risk profile as being identical
• They issue the same terms to each broker — and won’t negotiate further until the client chooses just one

At that point, neither broker can improve your position. It turns into a race to explain the situation and ask you to make a choice you probably weren’t expecting.

So, what’s the best approach?

Choose one broker … someone you trust, who understands your business and the market. Let them do the heavy lifting, tell your story well, and negotiate the best possible outcome.

Even if it’s not us.

We’ll always be upfront about how this market works. Of course, we’d love the opportunity to earn your trust and your business. But whether you choose us or someone else, the most important thing is that you only choose one.

If you’re considering credit insurance and want a clear picture of the market before going out for quotes, let’s talk. No pressure, no pitch.