Range of Products - Five-Star Carriers 2019 | Insurance Business Canada

Range of Products - Five-Star Carriers 2019 | Insurance Business Canada

Carrier performance: 7.65

Even brokers who rated their carriers highly indicated they’d like to see more product expansion

Being able to provide full service to clients means offering as many options as possible, which is why a carrier’s range of products is vital. Brokers gave carriers relatively high marks in this area – carriers’ average score was 7.65, up slightly from last year’s 7.56 – but only six carriers earned a five-star rating, whereas eight claimed the honour in 2018.

Brokers were crystal clear about how essential it is for carriers to provide an extensive product suite – even those who rated their carriers highly indicated they’d like to see more product expansion. Some brokers expressed a desire to see a bigger appetite for commercial risks. One broker lamented their carrier’s lack of E&O coverage, either in a package or as an option. Another suggested their carrier could grow by expanding classes of business and reviewing their underwriting guidelines.

Among the results in this category, there were glimmers of excellence. One carrier that received a perfect 10 was praised for having a “very large suite of products,” while another highly rated carrier was described as “almost the best in the market.”