For the sixth year in a row, IBA’s annual Brokers on Carriers survey gave brokers the chance to speak out about their carriers’ services by rating their performance in eight key categories, from underwriting expertise and range of products to claims service and their commitment to the broker channel. Brokers were asked to rate their carriers on a scale of 1 (poor) to 10 (excellent).
In comparison to last year’s results, carrier performance has generally improved. The most significant increases in performance were found in range of products, quick quotes, and technology and automation, which all saw their scores rise by at least 0.3 points. Carriers’ rate performance, meanwhile, was largely stagnant between this year and last, and claims processing was the only category to see a dip in its score. The results suggest that carriers’ efforts to improve have not gone unnoticed by brokers.
Considering the improvements in scores across the board, it’s no surprise that 25 carriers managed to receive a five-star rating from brokers by scoring an average of 8.0 or higher in at least one category. Of those, five carriers earned five-star ratings in seven of the eight categories, while one received five-star ratings in all eight categories. Read on to find out which carriers are exceeding brokers’ expectations.