Broker Servicing: Which Insurers Lead the Way?
Our 2015 UK Commercial Broker Survey asked brokers which provider they consider to be best in class for 10 aspects of service, ranging from electronic trading capability to speed of response to queries or quotes. Brokers were also asked what services they felt were most critical to them, and which insurers were most supportive in winning business in different segments.
Reasons To Buy
- Examine which insurers brokers consider to be the best for various aspects of service.
- Gain insight into what brokers look for in their insurer relationship when placing business.
- Which insurers are best in class at servicing brokers?
- How did insurers that were considered best at servicing brokers achieve this?
- Which elements of service are considered most important by brokers?
Where brokers appear to be primarily looking for insurers to differentiate sits around the provision of access to decision- making underwriters. The ability to have a referral effectively dealt with was regarded as the most critical element by brokers.
Commercial insurers need to constantly improve their e-trading platforms in order to stay ahead of the game, as an increasing proportion of smaller enterprise business is traded electronically. Insurers have a challenge ahead of them in breaking the apparently firm grip Aviva’s Fast Trade has as the go to extranet.
- Executive Summary
- Aviva remains brokers' insurer of choice
- Support in winning new business is not all about price
- Critical success factors
- Brokers' Servicing Needs
- Brokers are looking for a range of supportive provision
- Access to decision makers is the key priority for brokers
- Compliance, marketing, and HR support are not deemed highly important services
- Online trading services are sought after by brokers
- Competitive commissions are not the be-all and end-all
- Top Insurers in Servicing Brokers
- Aviva remains top dog for a significant number of brokers
- Table Aviva was brokers' top choice in eight out of 10 categories surveyed
- Aviva is dominant in e-trading provision
- Aviva's Fast Trade is still the force to be reckoned with among extranet platforms
- Allianz was "best of the rest" for product material as Aviva again led the pack
- Hiscox stands out as the most popular partner for a new scheme
- LinkedIn is still not a force in broker-insurer relationships
- Aviva, AXA, and Allianz stand above the rest for relationship management
- Aviva is regarded as best for providing compliance support
- Aviva's online support team is highly rated
- Aviva, AXA, and Ageas are regarded as the best for claims service
- Allianz was again voted first for speed of response to queries and quotes
- Insurers Most Supportive to Winning Business
- Competitive pricing is a lesser differentiator than a helpful attitude
- Aviva is the most supportive for segment business while Hiscox leads the way in specialty lines
- Verdict Financial's 2015 UK Commercial Broker Survey
- Further reading