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Broker Distribution Insight - Which Insurers Lead the Way?

  • May 2017
  • 26 pages
  • GlobalData
Report ID: 3773583

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Broker Distribution Insight - Which Insurers Lead the Way?

Summary

Brokers represent a critical channel for insurers to distribute products, particularly in the commercial lines space, where policies are complex. It is therefore essential for insurers to understand the needs and perceptions of brokers in order to adapt to and build strong relationships. Easy and convenient access to product offerings and services is a key, as is the provision of added support and guidance.

Brokers are increasingly looking online to cater for smaller risks, and they also expect claims services and the speed of response to queries to be quicker and more efficient than ever. Keeping up with the way brokers look to trade is critical to maintaining and enhancing insurer-broker relationships, which will ultimately help build better customer outcomes.

Insurers optimizing and developing their online channel are often given recognition by brokers - namely Aviva, with the insurer being largely favoured for its e-trading capabilities and the support of clients online. Therefore, providing brokers with multi-channel and multi-device access should be a focal point for insurers going forward.

Broker servicing in the commercial insurance space is dominated by a select few insurers that have continually surpassed their competitors in most performance areas. Aviva, Allianz, and AXA repeatedly rank within the top three when brokers are asked to name the insurer they perceive as performing the best across a number of different elements. Aviva is the standout performer across the majority of categories, while Allianz and AXA frequently compete for second place.

Aviva is dominant across the majority of channels and service categories, meaning other providers must strive to improve their capabilities and propositions in order to match its service. However, there is room for providers to dominate in other areas, such as the claims environment and when establishing a partnership on a new scheme.

The report "Broker Distribution Insight - Which Insurers Lead the Way?", explores which insurers brokers rate as best in class for 10 categories including e-trading capabilities, extranet sites, product material, online support, and claims service. It highlights the standout insurers across the board and within each category over 2015-17. Moreover, this report illustrates what brokers are looking for from insurers, which enables insurers to adapt their distribution strategy with broker needs in mind.

Companies mentioned in this report: Ageas, Aviva, Allianz, AXA, RSA, Zurich, Broker Network, NIG, Hiscox, Home & Legacy, LV=, Chubb.

Scope

- Aviva is the standout performer across the majority of categories.
- Use of social media tools by insurers within the business-to-business space remains largely unexplored.
- A key battleground for insurers is e-trading, where Aviva currently leads ahead of AXA and Allianz.

Reasons to buy

- Adapt your distribution strategy to ensure it meets broker needs.
- Ensure you remain competitive as new innovations revolutionize broker servicing.
- Benchmark yourself against other insurers in the market.

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