Monday, 24 July 2017

Broker Service Survey 2016: Rankings revealed

Lorega and Covéa Insurance/LV= are brokers’ top choices for commercial and personal lines 

Lorega is the big winner in this year’s Insurance Times Broker Service Survey 2016/17 (BSS).

Brokers surveyed said Lorega was best for commercial lines and Covéa Insurance and LV= joint top for personal lines in this year’s BSS, the most comprehensive research available into brokers views on their insurer partners’ performance.

COMMERCIAL LINES TOTAL SCORE 2016 RANKINGS 
 . + / - .Rank20162015
Lorega↑114.774.21
MUMNEW24.40N/A
Covéa Insurance↑134.354.14
Ageas↑114=4.243.72
Arista↑24=4.243.94
NIG↑364.153.90
Hiscox↓474.134.18
LV=↑484.113.76
PenNEW94.01N/A
ANNUAL AVERAGE*  4.013.8
Markel↑710=3.993.70
QBE↑1110=3.993.57
Ecclesiastical↑3123.983.72
Tokio Marine HCC↓6133.963.92**
Allianz↓2143.943.76
RSA↑5153.913.63
Chubb↓11163.904.08
Aviva↓6173.873.78
AXA↑5183.783.53
Zurich↓1193.683.68
AIG↑2203.663.56
Amlin↓3213.363.68
*Average for all companies included in each year; **As HCC Underwriting

 

To purchase a personal lines or commercial lines report  click here

PERSONAL LINES TOTAL SCORE 2016 RANKINGS  
Company+ / -Rank20162015
Covéa Insurance↑71=4.343.90
LV=↑81=4.343.88
Chubb↓134.304.25
Oak Underwriting↓144.224.22
Plum Underwriting↑754.213.80
Aqueduct Underwriting64.174.04
Hiscox↓374.164.15
Home & Legacy↓384.144.05
ANNUAL AVERAGE*  4.083.92
AIG↓29=4.054.03
Aviva↑19=4.053.85
Zurich↑1113.993.80
MarkerstudyNEW123.93N/A
Ageas↓2133.913.83
ERSNEW14=3.88N/A
RSA↑214=3.883.53
AXA↓1163.863.73
Allianz↓3173.853.79
*Average for all companies included in each year 

 

Covéa Insurance and Lorega’s strong performance

In personal lines, Covéa Insurance shot up to the top of the list on overall performance from eighth place last year.

Covéa Insurance scored an average score over all service dimensions of 4.34 out of 5, up from a score of 3.90 last year.

In the commercial lines rankings, Lorega rose from second place last year to first place this year. 

Star performers in personal lines and commercial lines 

LV= rose eight places to joint first in personal lines.  Another strong performer was Plum Underwriting, which rose seven places to fifth in personal lines.

In commercial lines, MUM was a new entry in the commercial lines survey, straight in at second place.

In commercial lines, Ageas and QBE both rose 11 places to fourth and tenth equal respectively in commercial lines.

Markel also improved, up seven places to tenth equal in commercial lines.

Overall performance of insurers/MGAs

There were some good news overall for insurers is that their scores from brokers were on average sharply higher this year than last, and represent a significant improvement over the past few years.

The average for commercial lines rose to 4.01 from only 3.80 last year. The average for personal lines was 4.08, up from 3.92.

Insurance Times researchers surveyed 801 responses from brokers, including top 50 brokers, network members, top independent brokers and small independent brokers throughout the country. They were asked to score their insurer partners across eight service dimensions in personal and commercial lines.

Brokers were asked to rate insurers from 1 to 5 on:

  • Ease of access to decision makers,
  • Underwriting expertise and flexibility
  • Fairness of claims settlement,
  • Speed of claims settlement,
  • Accuracy and clarity of policy wording,
  • Policy documentation and speed of delivery
  • Quality of cover 
  • E-trading options for brokers

For more details of the content of the Broker Service Survey, click here

To purchase a copy of the BSS please contact Akbar Ansari on 020 7618 3406 or email akbar.ansari@insurancetimes.co.uk

 

 

 

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