Reputation and Financial Stability

Reputation and Financial Stability

Carrier performance: 8.09

Reputation is all about how carriers “walk the talk” and ensure “solid growth over the years with no nasty surprises”

As they did last year, carriers received the highest marks from brokers for their reputation and financial stability, which is especially reassuring when brokers are faced with a volatile market. Reputation and financial stability remain a leading criteria for brokers when choosing a carrier, even if they’re not as vital as top-of-mind categories such as rates and underwriting expertise.

As a couple of respondents noted, reputation is all about how carriers “walk the talk” and ensure “solid growth over the years [and] no nasty surprises.” One broker remarked about a carrier: “They are very aware of their reputation and take many steps to ensure that they are well respected.” Others delved a little deeper, pointing to the underlying factors that support a carrier’s reputation: “Tough underwriting guidelines ensure financial stability,” one respondent matterof- factly put it, while another emphasized the value of prompt service in maintaining a stellar reputation.

And the reverse holds true for the carriers whose performance wasn’t up to snuff. One broker called out his carrier for “poor policy service and poor underwriter response time,” while a couple of others mentioned poor claims service as the reason for their low marks. One respondent described his carrier as having “strong marketing and brand recognition,” but said they need to “live up to their marketing message.” That gets to the heart of what reputation and stability are about: ensuring consistency and long-term sustainability.