Brokers to insurers: give us more, better BDMs

Brokers to insurers: give us more, better BDMs

Brokers to insurers: give us more, better BDMs Insurance brokers want more frequent and better service from insurer BDMs, with many claiming they are seeing less BDM boots on the ground.
 
Insurance Business’ Brokers on Insurers Survey 2014 received a significant number of responses from brokers who wanted to interact more frequently and more effectively with insurer BDMs.
 
Though only the fifth most important aspect of insurance service to brokers, it represented a key opportunity for insurers to demonstrate what brokers say they most want, including more personal service, consideration and understanding of their clients, and flexibility to new business and claims.
 
At best, brokers say as competition and capacity has increased, BDMs are raising the bar.

‘BDM's seem to be taking extra effort to cut through and connect with brokers. Less pushing of the corporate line and more solution focused', said one broker. ‘BDM's seem to be realising there is a change in the market so are more proactive in trying to help sort out issues before they snowball out of control’ said another respondent.

However many noted a reduction in BDM visits, with segmentation strategies or cutbacks and centralisation forcing a focus on key broker businesses, rather than smaller operations.
 
'I liked having our local BDM and they were always helpful if I needed a assistance. I thought the local BDM made it a bit more personal', one broker said. 'I'm not seeing BDM's as often, and phone or email inquiries are often unanswered or there are delay's in responding. Not all BDM's I deal with are like this, but unfortunately, the majority are', said another.
 
This was particularly the case for brokers based in country areas. 'Insurers often expect rural brokers to travel to metro areas to attend meetings and product sessions and seem to be anti-travel to country areas to visit brokers', said one rural broker. ‘Being situated in regional NSW, we have very little BDM support’, said another. ‘Overall presence in rural areas has reduced’, said yet another.
 
Brokers said they wanted BDMs to have the power to make decisions, and to work with brokers to get deals across the line. What they don’t want is a ‘glorified messenger’. 'There are less BDM's around with sound knowledge and the ability to negotiate and really get their teeth into a deal with a broker.”'

 For the full Brokers on Insurers Survey results and to find out who won the coveted Insurer of the Year rating, see Insurance Business' latest issue 3.3.
 
7 Comments
  • Terry 8/07/2014 9:38:21 AM
    Insurance Business brokers survey was pretty broad.I'd be interested in the segmentation of the market brokers are referring to. if its predominately personal lines and small SME I can understand the current servicing in this electronic age. if its referring to tailored offering and medium large risks than it is a servicing problem. Also the age of the respondents. The old dinosaurs in the industry still want to operate like its 1975
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  • Mark 8/07/2014 9:55:20 AM
    I am in a rural area - one of my BDM's visits once a month, but the majority of the time the only correspondence we have is him sending through renewal report every week chasing premium. Another contacts us to let us know we have discounts if we need it. The others I rarely see. NOT ONE has taken the time to sit down with our office and identify (a) what our target market segments are and (b) how their brand can assist us in building our business with them through these segments. Give me a BDM that does that and they can walk away with an enormous portfolio....
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  • Luke 8/07/2014 10:11:42 AM
    Totally agree re BDM's. We use to have visits from one companies BDM weekly. Now we have not seen one from them for 18 months. The strange thing is there are two other large agents/brokers in the same town and they get visits but as we are not as large as them we fall in a different division so that BDM cannot visit us. We have one BDM from Allianz that visits us fortnightly, sometimes weekly and guess what they are getting 60-70% of our new business, purely because of the service we receive, plus we have a drink once a month
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