“Decomplexifying” Financial Products is challenge of the next Decade

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10th Nov 2017

Zurich has been declared the overall winner of Brokers Ireland 2017 Excellence Awards at a ceremony held at the Intercontinental Hotel, Dublin last night following a comprehensive survey of impartial financial brokers undertaken by W5 and independently reviewed by Cooney Carey.

In the survey financial brokers said the number one priority for them was competitive value for consumers, followed by competitive charges. They also rated highly criteria such as financial strength and innovative product design.

Diarmuid Kelly, Chief Executive of Brokers Ireland, which represents 1,300 broker firms throughout Ireland presented the overall award to (name and title of Zurich).

Speaking after last night’s ceremony Mr Kelly said: “There is a crying need to decomplexify financial products and this is going to be a major issue over the next decade.”

“Study after study is showing us that even well – educated consumers have difficulty understanding basic financial products. And the insights from behavioural economics are showing us the folly of assuming that given certain facts we will behave rationally.

“When you add increased globalisation to that mix you can readily see the maze consumers face in trying to reach decisions that will deliver to them the best outcomes for themselves and their families.”

He said decomplexifying, to be achieved, will need to be driven by consumers and policymakers, locally and internationally.

“Brokers Ireland awards mark a contribution to that agenda, which contributes in some small way towards creating competition among product providers,” he said.

He congratulated all winners:

Overall Financial Broker Excellence Award  2017 – Zurich
Excellence in Mortgage Lending – Haven Mortgages
Excellence in Financial Products – Zurich
Investment Excellence – Zurich
Service Excellence –  Royal London
Excellence in Broker Support – Zurich
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Further information:  Diarmuid Kelly, Chief Executive, Brokers Ireland                    Tel. 086-8088838

Mairéad Foley, Foley Ryan Communications                                                                Tel. 086-2556764