Commitment to the Broker Channel

Commitment to the Broker Channel

Carrier performance 7.95

While one broker commended his carrier’s “great relationship and partnership with their agents” ... most brokers pointed to the growing trend of carriers’ directto- consumer models as evidence of their waning commitment to their broker partners

Insurance is a relationship business, but it’s not just about relationships with clients. The broker-carrier relationship is key to fostering a long, successful partnership. This year, brokers found their carriers’ commitment to the broker channel to be less evident than in 2017. Carriers scored an average of 7.95 in 2018, down from 8.19 in 2017, and just 19 carriers earned a five-star rating in the category, a marked decrease from the 36 that made the grade last year.

That dip in performance is no surprise in light of the comments this year. While one broker commended his carrier’s “great relationship and partnership with their agents,” he was in the minority. Most brokers pointed to the growing trend of carriers’ direct-to-consumer models as evidence of their waning commitment to their broker partners. “They are becoming more enamored with retail distribution,” one broker opined, while another said, “I feel that they have completely abandoned the wholesale distribution model.”