The results are out for the 2017 Broker Market Survey and we know the winner of the NIBA General Insurer of the Year award was CGU. But what do brokers really think of insurers?
Survey results showed that brokers’ expectations of insurers were high, impacting on their perception of insurer performance. Many of the major brands were not quite up to scratch compared to the better performers.
In fact, poor servicing and responsiveness to broker issues were key drivers of rejection towards an insurer. And the number one driver of broker preference (choosing a brand) was claims handling, followed by policy conditions and cover, flexibility and willingness to negotiate.
Technology was seen as the greatest challenge for the insurance industry. Many brokers cited competition from the direct market, keeping pace with advance technology, staying relevant in the changing commercial world, and finding a balance between technology and personal contact as key concerns.
Pricing, including a perceived hardening market, were also concerns. In the December/ January issue of NIBA’s Insurance Adviser CEO Dallas Booth has said: “With nearly 900 responses from brokers, the NIBA Broker Market Survey is a true representation of what the brokers and the community they represent want insurers to provide. In particular, some responses confirm what every broker is talking to each other about today.”
The association has thanked all the brokers who took the time to complete the Broker Market Survey and has stated that it will be revamped for 2018. The Survey is an important piece of market intelligence for insurers to track how they are performing and determine whether they are meeting client and customer expectations.
Insurers looking to purchase the survey, please contact Bruce Schaafsma on 02 9459 4306 or email email@example.com. More details in the latest issue of Insurance Adviser, email firstname.lastname@example.org if you don’t receive your copy of the magazine in the next few days.