Range of Products
After years of mediocre performance in this area, carriers have seemingly stepped up their game in offering a wider selection of products to brokers. Seventeen carriers garnered a five-star rating for the range of products they offer, while the average performance score shot up from 7.51 in 2018 to 8.15 this year.
Brokers are looking for carriers to be more innovative and active in developing new products
Even though most brokers gave their carriers satisfactory ratings for product range, they still had feedback on areas where carriers can provide better service. One broker appreciated the range of products at their carrier but was annoyed with the “nitpicking” of risks. Brokers are also looking for carriers to be more innovative and active in developing new products. “Diversify into manufacturing and distribution classifications,” one broker requested.
Another broker noted that “some products are too basic in comparison to top carriers – expand commercial products like [you do] personal lines.” In addition, brokers want more breadth within existing classes of business, including the ability to place extra-large accounts and umbrella policies.