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Broker Distribution Insight: Which Insurers Lead the Way?

Broker Distribution Insight: Which Insurers Lead the Way?

Summary

Broker servicing in the commercial insurance space is dominated by a select few insurers that have continually surpassed their competitors in most performance areas. Aviva, Allianz, and AXA made up the top three in all but one of the 10 categories when brokers were asked to name the insurer they perceived as performing the best across a number of different elements.

Aviva was the standout performer across the majority of categories, while the latter two frequently competed for second place. The only categories in which Aviva is pipped to first place is in its speed of response to client queries/quotes, where Allianz is perceived to excel.Social media appears to be an area that is evenly contested among insurance providers in the commercial broker space, due to it being in a nascent stage. The vast majority of responses in this category were in the “don’t know” category, which suggests there is an opportunity for lesser-known insurers to establish themselves in this area.

Aviva’s online support is the group’s strongest differentiator, closely followed by its extranet sites and e-trading capability. The insurer’s performance in each of these respective areas highlights its comprehensive online channel and its commitment to improving its services via the use of digital channels.

The insurer continues to invest in its digital side and announced a partnership with blockchain start-up Luther Systems in 2017. Also, it aims to improve the efficiency and transparency of management systems.

Key Findings included in this report -

  • Aviva is the standout performer across the majority of categories asked of brokers.
  • Use of social media tools by insurers within the B2B space remains largely unexplored.
  • A key battleground for insurers is in e-trading, where Aviva leads Allianz and AXA.
The report Broker Distribution Insight: Which Insurers Lead the Way?, explores which insurers brokers rate as best in class for 10 categories, including e-trading capability, extranet sites, product material, online support, and claims service. It highlights the standout insurers across the board and within each category over time. It also shows in which categories the top insurers are rated best by brokers. The report illustrates what brokers are looking for from insurers, enabling them to adapt their distribution strategy with broker needs in mind.

Companies mentioned in this report: Ageas, Aviva, Allianz, AXA, RSA, Zurich, Broker Network, NIG, Hiscox, LV=

Scope
  • Aviva is the standout performer across the majority of categories asked of brokers.
  • Use of social media tools by insurers within the B2B space remains largely unexplored.
  • A key battleground for insurers is in e-trading, where Aviva leads Allianz and AXA.
Reasons to buy
  • Adapt your distribution strategy to ensure it meets broker needs.
  • Ensure you remain competitive as new innovations revolutionize broker servicing.
  • Benchmark yourself against other insurers in the market.


  • Executive Summary
  • Top Insurers in Servicing Brokers
    • Aviva is comprehensively regarded as the best-in-class insurer by commercial brokers
    • Aviva, Allianz, and AXA stand out across the categories
    • Aviva is strongest for its online capabilities
    • Allianz is favored for its response to customer requests
    • AXA performs strongest in claims servicing
    • Aviva performs particularly well in digital categories
    • Despite dominance in results, Aviva is vulnerable to AXA and Allianz in some areas
    • A consistent performance from Aviva, while RSA and Hiscox lose pace in 2018 results
    • Brokers are largely unable to identify any insurers using LinkedIn effectively
  • BEST IN CLASS BY SERVICE
    • The popularity of Aviva's e-trade has dropped, but the insurer retains top spot
    • Aviva leads by a significant margin for its extranet site
    • Aviva remains the top insurer for product material, with Allianz reducing the gap
    • There is a more even split across the choice of insurer for new scheme partnerships
    • Aviva and AXA are the LinkedIn leaders, but most brokers were unable to choose a favorite
    • Despite an improving Allianz, Aviva remains best in class for managing client relationships
    • Aviva is the outright dominant performer in compliance and regulatory support services
    • Almost half of brokers prefer Aviva for online support
    • Aviva and AXA compete for the top ranking in claims servicing
    • Allianz remains the favourite for its speed of response to customer queries
  • APPENDIX
    • Abbreviations, acronyms, and definitions
    • Methodology

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