Industry average: 3.24
The ability to deliver a smooth claim experience, to provide attentive and efficient customer service, and to offer stable rates are all of substantial importance to a broker when dealing with insurers. But it’s obviously also vital that the insurer can offer risk-transfer solutions that will address their clients’ needs. And as the world continues to change, and risk exposures become more varied and complicated, businesses and consumers will require a wider range of products to ensure they remain protected.
“The quality of product offered by insurers has improved over the last few years”
“The quality of product offered by insurers has improved over the last few years as underwriters keep up-to-date with changes in business practices and client needs,” said one broker.
However, in sharing what it would take for a particular insurer to win more of their business, brokers expressed a desire to see more flexible products and a willingness by insurers to offer “the most comprehensive products at a competitive price”. One broker wanted insurers to provide “more than just mainstream products”, while another encouraged insurers to develop more “bespoke products”.
When it came to rating insurers on their product range, brokers awarded CGU the gold medal for the fifth consecutive year. The silver medal went to Vero, which moved up two spots from its 2017 performance, while Allianz followed closely behind to take the bronze.