To find out how well carriers are meeting brokers’ expectations and where could still use some improvement, Insurance Business Canada asked hundreds of insurance brokers from across the country to tell us everything. Brokers rated their carriers on a scale of 1 (poor) to 10 (excellent) across eight categories, from underwriting expertise and quick quotes to competitive rates and claims processing.
When asked the three most important things they look for in a carrier partner, an overwhelming 70% of brokers named competitive rates as the most crucial factor, followed by underwriting expertise (60%) and claims processing (46%). Although they’ve shifted slightly in level of importance, these top three priorities remain unchanged from last year’s survey, proving their enduring importance to brokers.
In terms of performance, carriers’ average scores decreased in every category this year except for technology and automation. Although the declines weren’t extreme – the largest drop was 0.47 points for claims processing – it still isn’t a desirable trend for carriers. The number of carriers that achieved a five-star rating (earning a score of 8.00 or higher in at least one category) tells a different story, however: An impressive 24 carriers netted the designation this year, up from 16 last year. Not only that, but four carriers earned five-star status in every single category this year, earning the mantle of All-Star Carrier.