What matters most to insurance brokers?

What matters most to insurance brokers? | Insurance Business Australia

What matters most to insurance brokers?

Despite facing regulatory changes, catastrophic events, climate change, talent flight, inflation, and the persistence of the COVID-19 pandemic, some insurers remained resilient in the past year, meeting the needs of brokers and customers.

This year's Insurance Business Australia (IB) Brokers on Insurers 2022 awards revealed what matters most to insurance brokers and which insurers met their needs despite a challenging market.

According to the 2022 IB Brokers on Insurers survey, brokers consider these factors significant when working with insurers:

  • Premium stability;
  • BDM support;
  • Overall service level;
  • Online platforms and services;
  • Product innovation;
  • Brand recognition and reputation;
  • Product range;
  • Turnaround time – claims;
  • Turnaround time – new business;
  • Broker communication, training, and development; and
  • Commission structure.

Among the 12 winners of the 2022 IB Brokers on Insurers awards are Berkley Insurance Australia (BIA) and Chubb, which shared how they met the needs of brokers despite operating in a difficult market.

Tony Wheatley, the CEO of BIA, the IB Brokers on Insurers 2022 overall gold medal winner, said BIA  met the needs of brokers by focusing on turning quotes around quickly, providing brokers with a high level of service by giving them a level of authority and autonomy, and launching a new online platform.

“Insurance is still a people business, and it is our people who make the difference,” Wheatley told IB.

Meanwhile, Chris Gough, head of property and casualty in Australia and New Zealand at Chubb – the IB Brokers on Insurers 2022 overall silver medal winner – said the company met brokers' needs despite a mountain of challenges by ensuring it has a wide variety of products that can adapt to the ever-changing economic and risk landscape.

“Chubb prides itself on our underwriting discipline and listening to our customers' needs, and our broad appetite means we are in a unique place to enhance both existing product capabilities while also innovating to craft solutions for our clients that are relevant to their industry and scale,” Gough told IB. “With an ever-changing economic and risk landscape, it's important that our products remain relevant and respond when our clients are in need.”

Learn more about this year's winners by reading the IB Brokers on Insurers 2022 report here.