Broker Distribution Insight 2020 - Which Insurers Lead The Way?
This report explores which insurers are rated by brokers as best in class for 10 categories, including e-trading capability, extranet sites, product material, online support, and claims services. It highlights the standout insurers across the board and within each category over time. It also shows the categories in which the leading insurers are rated best by brokers. In addition, the report illustrates what brokers are looking for from insurers, enabling insurers to adapt their distribution strategies with broker needs in mind.
- Aviva is the standout performer across all categories.
- Brokers particularly struggled to select a best-in-class insurer for partnering on a new scheme as well as compliance and regulatory support, meaning market leadership remains up for grabs in these areas.
- Claims service, speed of response, and relationship managers remain key battlegrounds for the three leading insurers, with Allianz and AXA remaining within touching distance of Aviva.
- Adapt your distribution strategy to ensure it meets brokers’ needs.
- Ensure you remain competitive as new innovations revolutionize broker servicing.
- Benchmark yourself against other insurers in the market.
Top Insurers in Servicing Brokers
Best in Class by Service
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.
Ben Carey-Evans, Financial Services Analyst at GlobalData, comments:
“It is particularly evident how strong Aviva fared in the digital-focused categories, with its highest shares coming in online support (48.2%), extranet sites (38.4%), and e-trading (35.2%). Aviva has been proactive in investing in its digital side and forming tech partnerships in recent years, with examples including its Aviva Broker website, while its Aviva Digital Garage has formed a range of insurtech partnerships.”
“Both insurers improved in all three tech categories in 2018 and continue to invest and partner in digital opportunities themselves, meaning Aviva is likely to find competition intensifying. It will need to maintain pace to hold onto its earned position among brokers.”