The British Insurance Brokers' Association's Intermediary Satisfaction Survey has revealed...
The British Insurance Brokers' Association's (Biba) Intermediary Satisfaction Survey has revealed that brokers' satisfaction levels have been maintained since 2005 with most insurers performing the same or slightly better.
However, the survey confirms a need for insurers to focus on basic service levels. There are some areas of concern, particularly in relation to the proportion of policies being issued right first time for commercial lines business.
Despite being pleased with the overall performance, 33% of personal lines brokers think that insurers could do more to help them meet the requirements of the FSA's Treating Customers Fairly initiative.
The survey showed that when evaluating insurers' performance, the top of mind issues for brokers are: access to underwriting decision makers; that products/services meet customer's needs; competitive premiums; flexibility of underwriters; and fairness of claims settlements.
Eric Galbraith, Biba chief executive, commented: “It is pleasing to see that overall insurers continue to provide products and services that meet brokers' needs. However, the target must be to improve service levels. I do not believe we are achieving the fundamentals, for example correct documentation.
"While the survey reveals that there is no significant change year on year we must not become complacent, there is still much to be done if we are to look to achieving excellence. It is clear there is an opportunity for an insurer or insurers to rise above the rest of the competition.”