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Broker Distribution Insight: Which Insurers Lead the Way?

Broker Distribution Insight: Which Insurers Lead the Way?

  • May 2018
  • 28 pages
  • ID: 3773583
In this report:
GlobalData's General Insurance Commercial Broker Surveys explore broker behavior and business strategy in the UK.
It has seen a drop-off in popularity for its strongest category in 2017, claims support, which fell to ##.##% from ##.##%.
AXA's strongest business category remains its claims service, with ##.##% of brokers citing AXA as its preferred insurer in this category, up from ##.##% in 2017.

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Broker Distribution Insight: Which Insurers Lead the Way?

Summary
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 made up the top three in all but one of the 10 categories when brokers were asked to name the insurer they perceived as performing the best across a number of different elements.

Aviva was the standout performer across the majority of categories, while the latter two frequently competed for second place. The only categories in which Aviva is pipped to first place is in its speed of response to client queries/quotes, where Allianz is perceived to excel.Social media appears to be an area that is evenly contested among insurance providers in the commercial broker space, due to it being in a nascent stage. The vast majority of responses in this category were in the “don’t know” category, which suggests there is an opportunity for lesser-known insurers to establish themselves in this area.

Aviva’s online support is the group’s strongest differentiator, closely followed by its extranet sites and e-trading capability. The insurer’s performance in each of these respective areas highlights its comprehensive online channel and its commitment to improving its services via the use of digital channels.

The insurer continues to invest in its digital side and announced a partnership with blockchain start-up Luther Systems in 2017. Also, it aims to improve the efficiency and transparency of management systems.

Key Findings included in this report -
- Aviva is the standout performer across the majority of categories asked of brokers.
- Use of social media tools by insurers within the B2B space remains largely unexplored.
- A key battleground for insurers is in e-trading, where Aviva leads Allianz and AXA.

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 capability, extranet sites, product material, online support, and claims service.It highlights the standout insurers across the board and within each category over time.

It also shows in which categories the top insurers are rated best by brokers. The report illustrates what brokers are looking for from insurers, enabling them 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, LV=

Scope
- Aviva is the standout performer across the majority of categories asked of brokers.
- Use of social media tools by insurers within the B2B space remains largely unexplored.
- A key battleground for insurers is in e-trading, where Aviva leads Allianz and AXA.

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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