A new report has revealed which insurers have the most satisfied customers, with close competition at the top.
DBM Consultants’ first quarterly Business Insurance Tracker (BIT) gave agribusiness Elders the highest satisfaction rating at 7.8 out of 10.
Wesfarmers comes a very close second, with 7.7.
For the BIT report, DBM interviewed financial decision makers at 6500 businesses with a turnover of more $40m.
DBM Consultants Managing Director Dhruba Gupta says: “Elders is such a specialised company with many agribusiness customers, offering tailored products, excellent customer service and competitive pricing models which is leading to its high satisfaction levels with businesses, particularly in rural and regional areas where the majority of its customers are.”
The report found Australian businesses hold close to 9 million policies.
“On average each business holds 4.6 policies and in 63% of these cases businesses use a broker to purchase their policy rather than going direct,” Gupta says.
The report also found Wesfarmers and Elders had the greatest share of wallet among their business clients. They each supplied about 70% of their customers’ insurance needs, while Allianz and GIO were the next closest ranked, with 50% share of wallet.
“This tells us that there is plenty of opportunity for insurance companies to cross-sell other policies to increase their market share.
“Those that delivered high customer satisfaction were the best placed businesses to achieve this outcome.”