Brokers deliver verdict on underwriting agencies

Brokers deliver verdict on underwriting agencies | Insurance Business Australia

Brokers deliver verdict on underwriting agencies

If you want a definitive guide to the cream of the crop among Australia’s insurance underwriting agencies then there’s only one place to turn – this nation’s brokers. With the relationship between the two taking on arguably more importance than ever in light of COVID and the need to offer clients unique policies that meet their rapidly changing needs, Insurance Business turned to brokers for the seventh year running to find out which agencies stand out from the pack in the newly released Brokers on Underwriting Agencies report, sponsored by the Underwriting Agencies Council (UAC).

Insurance Business reached out to brokers via social media and through the IB website and newsletter with more than 350 brokers participating. They ranked their top three underwriting agencies across 11 different categories, while also ranking the performance of their agency partners across seven different areas of service: overall service level, coverage, turnaround times for new business and claims, broker support, premium stability and commission structures.

Based on that feedback, the top three agencies were calculated for each type of insurance and awarded gold, silver and bronze medals. Meanwhile, the insurance products that received the most votes from brokers, were awarded the Brokers’ Pick medal.

Underwriting Agencies Council general manager William Legge said the UAC was proud to support the Brokers on Underwriting Agencies survey.

“The strong, close relationship between agencies and their supporting brokers is the key to the agency sector’s success,” he said.

“Agencies offer specialist product knowledge, tailored solutions and outstanding service targeted to brokers’ clients’ specific needs. The broad array of agencies that have been awarded in this survey attests to agencies’ skills across a diverse range of products.”

So which agencies came out on top? There’s only one way to find out. Read the full report, for free, now.