Insurance Business Canada (IBC) recently unveiled the 5-Star Carriers of 2023, spotlighting insurance providers that are reshaping industry norms by emphasizing their relationships with brokers and vital elements crucial for the industry’s advancement and expansion.
In the latest edition of the Brokers on Carriers report, IBC delved into the evaluations made by industry professionals over the past year, assessing carriers on metrics like claims processing, competitive rates, quick quotes, product range, and underwriting.
Within the report, survey participants shared insights on how insurance carriers can enhance their collaboration and expand business prospects. These brokers articulated their specific desires in the areas of communication, underwriting, claims services, and rates.
One respondent spoke of how communication can impact how brokers are able to resolve issues. Another urged carriers to “listen or talk to us.”
Flexibility in underwriting emerged as another key area for improvement. One broker called for direct access to underwriters, suggesting that providing phone numbers could streamline processes and reduce waiting times.
Simplifying underwriting procedures also found favour among respondents, with a broker noting that “underwriting is getting more complex than it needs to be.”
Additionally, brokers highlighted the need for improvement in claims service. According to one respondent, a responsive service provides fair appraisals of damage and transparent communication with customers on expected timelines.
Brokers also urged carriers to adopt a broader perspective and consider making exceptions for specific individuals regarding rates.
“Maintain rates and be open to doing business,” one respondent stated.
“I am losing business to direct writers constantly because of the difference in rates,” another added.
IBC’s report also revealed that half of participating brokers were reluctant to change insurance carrier partners in the next 12 months. Conversely, 45% of respondents identified poor overall service, claims processing, and uncompetitive pricing as their top reasons for considering a switch.
Which insurance providers were named 5-Star Carriers of 2023? Learn more about the award winners and brokers’ insights on their carrier partners by reading the full report.
