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Broker Distribution Insight: Which Insurers Lead The Way?

Broker Distribution Insight: Which Insurers Lead The Way?

Summary


Brokers are a traditional and long-established channel insurers use to distribute their products; therefore it is essential the service insurers provide is adapted to broker needs. Easy and convenient access to product offerings and services is key, as is the provision of added support and guidance. Brokers are increasingly looking online to cater for smaller risks, and they also expect claims services and the speed of response to queries to be quicker and more efficient than ever. Keeping in line with the way brokers look to trade is critical to maintaining and enhancing insurer-broker relationships, which will ultimately help build better customer outcomes.

Key Findings

  •  Aviva was rated best in class across eight out of 10 categories.
  •  Brokers value online chat functions.
  •  LinkedIn is not currently used by insurers to engage with brokers.
Synopsis

Verdict Financial’s “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 in 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, which enables insurers to adapt their distribution strategy with broker needs in mind.
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 the best in class insurer according to brokers
    • Aviva is the clear winner across multiple categories
    • Aviva is strongest for its online services
    • Allianz is best in class for its speed of response
    • AXA is strongest and best in class for its claim service
    • There is room to grow dominance for LinkedIn, regulatory support, and partnering on a new scheme
  • Best In Class By Service
    • Aviva's e-trading service is gaining further dominance
    • Aviva continues to lead by a landslide for its extranet site
    • Allianz is "best of the rest" for product material behind Aviva
    • Aviva is the most popular partner for a new scheme
    • LinkedIn is not used to connect insurers and brokers
    • Aviva remains best in class for relationship management
    • Aviva is best for compliance and regulatory support
    • Allianz gains credit for online support since live chat launch
    • AXA, Aviva, and Allianz offer the best claims service
    • Allianz remains favorite for speed of response to queries
  • Appendix
    • Definitions, methodology, and further reading

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