The quality of service that insurers offer brokers is plummeting, according to survey conducted by Insurance Times.
The extensive survey, Senior Broking Executives Speak their Mind, revealed that brokers are growing "increasingly frustrated" with the standard of service on offer.
Brokers were particularly unhappy with insurers' marketing support. Technological support was also a sore point, with one broker claiming: "Many brokers still seem to make information technology the priority of their direct arm."
Of those surveyed, 13.5% described service levels as "poor" and positive comments were consistently underlined with caveats.
"Insurers' service to the broker market is generally worse than previously, with a marked deterioration in handling claims," one broker commented.
Another said: "Most are okay but we need specific contacts who know their stuff. Insurers use call centres abroad but how can we discuss complex issues if the underwriter cannot speak English?"
Another broker said: "Claims is disappointing. Neither clients nor ourselves are kept up to date. We are always having to chase to find out the current position. There is hardly any written correspondence from insurers. Generally, they are too reliant on a phone call to assume contract certainty, rather than providing hard copy evidence."
Ranking at the bottom of the table service table is AIG. Royal & SunAlliance (R&SA), AXA, Zurich, Norwich Union (NU), and Allianz Cornhill were also heavily criticised for poor standards of service.
Smaller insurers Chubb, Fortis and MMA were generally regarded more favourably. "The smaller the insurer, the better the service," one broker commented.
Lloyd's syndicates outstripped the non-subscription market on service standards.
"We find the Lloyd's brokers and wholesale brokers we use streets ahead in response and service compared to the insurance companies we deal with. I put this down to the level of expertise in their staff," another broker said.
This is the first in a series of four-monthly studies conducted in association with Insurance Times' senior broker executive panel. For more information please contact peter.joy@newsquestspecialistmedia.com
