The annual Insurance Times Broker Service Survey 2019/20 is now open to brokers nationwide!
Your views are vital in helping insurers shape their broker service. Those who take part will also receive a summary report. There are two surveys, one for commercial lines and one for personal lines. If you handle both, we’d welcome your input into both surveys, and you’ll double your chances of winning a £250 John Lewis voucher.
Click here to take part and have your voice heard. The survey will be open until the 1st of November.
A key highlight in what we do, over the past 13 years, the Insurance Times Broker Service Survey has set the agenda for broker-insurer relations: highlighting where brokers feel insurers do well and turning the spotlight on where insurers fail to match brokers’ expectations. In 2018, in order to make the findings more accessible to brokers, we introduced a star system to highlight the overall performance of insurers among five core service areas.
In 2018 commercial lines brokers awarded five stars to insurers Covea Insurance and Markel. Further analysis found that the Covea Insurance achieved a five-star rating amongst top 50 brokers, network members and large independent brokers whilst achieving four stars by small independent brokers.
Markel also performed exceptionally well in the commercial lines survey, performing strongly across all five service areas resulting in the in the insurer also being awarded five stars by brokers. Further analysis found Markel achieving a five-star status amongst large independent brokers and Top 50 brokers. Eight insurers were awarded four stars by brokers and it will be interesting to see if insurers have built on or hindered the achievement made in the 2018 commercial lines survey.
In 2018 personal lines brokers awarded five stars to insurers Chubb and Covea Insurance. Further analysis found that Chubb were awarded five stars from four broker groups identified in the survey. Covea Insurance also performed strongly amongst broker groups, being awarded five stars by large independent brokers and four stars amongst small independent brokers, network members and Top 50 brokers. Six insurers were awarded four stars by brokers, we will be speaking to a range of insurers in the coming weeks on how they feel they have improved over the last 12 months.
Can Chubb, Covéa and Markel stay top?
Throughout September and October, brokers will begin answering questions on several factors, including:
- Relationship handling & management
- Underwriting: Expertise, flexibility and support
- Policy documentation: Accuracy and transparency
- Quality of cover
- Claims: Fairness of settlement and speed
Brokers will also be asked which lines of business they intend to expand into over the next 12 months, and which insurers they will partner with. Brokers will also be asked to rate the products they have acquired for their customers over the last 12 months, reviewing what can be improved and what is working well.
In addition, brokers will be expressing what would encourage them to place further business with current insurer partners and insurers they do not place business with. Furthermore, the survey aims to reveal the value-added services brokers desire, additional policy features and the types of data enrichment that would improve broker workflow. We also seek to investigate pricing perceptions, are they of good value to the broker and what factors could be more important that reasonable pricing to the broker and their customers.
While the survey is live, we will be speaking to a wide variety of insurers involved in the survey about the evolution of the services over the last 12 months.
For more information on how to obtain your ’Five Star Rating Report’, ’Five Star Databook’ or access to the ’Insurance Times Five Star Ratings Hub’ please contact Jack Thomson on 0207-618-3433 or at firstname.lastname@example.org.
Alternatively you can also contact Hannah Inwood on 0207-618-3454 or at Hannah.email@example.com