What makes a good insurer?
Old-fashioned service, is the short answer. But of course, it’s never quite that simple. And as always for insurers, beauty is in the eye of the broker.
Brokers have come together in Insurance Business' Brokers on Insurers Survey 2014 to demand insurers respect their businesses and their clients.
In a record-breaking response, 413 brokers rated nine insurers across 11 different categories, the most comprehensive survey in the market.
Brokers also had their say on the areas they rated as most important to them: claims turnaround times, overall service, new business turnaround times, premium stability and BDM support.
Insurance Business can reveal that it was service that ruled brokers' demands of their insurer providers, and this came down to one thing above all - treating them and their clients with respect.
Whether it is through the timely processing of a claim, the ability to think outside the square to place new business, or just old-fashioned face-to-face BDM service, brokers were united in their desire to be treated like individually valued partners.
Those insurers that went above and beyond to deliver exceptional service during the last 12 months were rewarded by brokers becoming vocal advocates of their experiences and appreciation.
In contrast, those insurers that are perceived by brokers as overly bureaucratic, inflexible, impersonal or lacking in creativity when it comes to claims and new business were resented by the broker channel.
Insurance Business looks forward to releasing the results of the Brokers on Insurers Survey in our next issue, Insurance Business 3.3, at the end of June.
And of course, the full results will include the name of the all-important Insurer of the Year for 2014.
