The results from Insurance Times’ Five Star Rating Report: Commercial Lines 2022 are in and two insurers have achieved a five star rating
Covéa Insurance and Aviva have come out top in Insurance Times’ Five Star Rating Report: Commercial Lines 2022.
This year’s report is based on feedback from more than 600 brokers - they awarded both Covéa and Aviva the maximum five stars for service.
Overall, Covéa obtained a score of 4.16 out of five, while Aviva was narrowly behind in second place with a score of 3.95 out of five.
These two insurers were the only ones to be awarded five stars by brokers, out of a field that included Ageas, AIG, Allianz, Axa, Chubb, Hiscox, Markel, NIG, QBE, RSA and Zurich.
RSA was ranked bottom of the ratings.
Click here to visit the New Insurance Times 2022 Commercial Lines Online Star Ratings Platform.
Subscribers will be able to access the Five Star Rating Report: Commercial Lines 2022 by clicking here.
Insurance Times head of research Savan Shah said that Covéa and Aviva’s five star performances were based on real-life reviews by brokers that have firsthand experience of placing business with the insurers.
For a fourth consecutive year, brokers gave Covéa a maximum five star rating for overall service. Plus, for the second year running, brokers awarded the insurer five stars across all five of the service factors explored in the survey.
Meanwhile, Aviva has returned to a five star status this year after brokers awarded it an overall four star rating last year. It did receive the maximum five stars back in 2020, however.
Shah said: “I’d like to thank all the brokers that took part. We know that insurers take the survey seriously and strive to improve using the information given.”
Brokers rated insurers across these five core areas:
• Claims: Fairness of settlement and speed.
• Underwriting: Expertise, flexibility and support.
• Quality of cover.
• Relationship handling and management.
• Policy documentation. Accuracy and transparency.
Here are just a few examples of the feedback received from brokers regarding the two five star commercial lines providers:
Speaking on Covéa’s overall service, one broker based in the West Midlands said: “ Excellent service and attention from both sales and underwriting staff. Looking for more of the same in the coming 12 months.”
Speaking on Aviva’s overall service, one broker based in the south east of England said: “Excellent. [Aviva is] proactive in looking for value added benefits [it] can offer our clients in addition to the policies.”
The Insurance Times 2022 Etrading Survey is open until midnight on 20 March 2022.
Brokers that take part in the latest etrading survey will be entered into a prize draw to win £250 worth of John Lewis vouchers and will also receive an exclusive executive summary, revealing the leading insurer extranets and software houses.
Click here to take part or click the survey logo below: