Broker Distribution Insight, 2022 – Which Insurers Lead The Way?
As the UK economy emerges from the COVID-19 pandemic, brokers’ priorities have shifted. Brokers are now much clearer that they see flexibility in underwriting as an insurer’s most important aspect. By contrast, in 2021, brokers noted the importance of a combination of factors when selecting an insurer.
Insurers must ensure they maintain strong relationships with brokers, as there was a large increase in brokers selecting no insurer as best in class for relationship managers in 2022. High-quality product offerings and services must be complemented with excellent relationship management for both sides to get the maximum benefit from collaboration.
The broker distribution insights market research report explores insurers who can be considered market leaders from the point of view of commercial brokers. It explores the factors brokers find most important when selecting an insurer with which to place business and analyzes how this has changed over the course of the COVID-19 pandemic.
Major Factors for Insurers Selection
After the pandemic highlighted the varying risk exposures of different industries, brokers are placing value on insurers that can assist in plugging gaps across their spectrum of clients. All types of brokers rate flexibility in underwriting/cover as the leading factor when choosing an insurer with which to place business. Compared to pre-pandemic levels, brokers are placing more importance on price/premiums and quality of cover, which is likely to be echoing their clients after a financially strenuous period for businesses. Despite the prevailing trend of the digital transformation sweeping across the insurance industry, brokers still place little importance on insurers’ e-trading capabilities.
Best in Class Insurers Analysis by Competitor
The broker distribution insights report provides a comprehensive analysis of the following class insurers:
Aviva, Allianz, and AXA all improved their favorability for this category in 2022, suggesting insurers are adjusting well to the post-pandemic environment as brokers seek more effective and tailored cover for their clients.
Best-In-Class Insurers Analysis by Competitor
To gain more information on the best-in-class insurers, download a free report sample
Best in Class Insurers Analysis by Service
The broker distribution insights report provides a comprehensive analysis of the best-in-class insurers based on the following services.
- Claims service
- COVID-19 response
- E-trading capabilities
- Extranet sites
- Flexibility in underwriting/cover
- Online support
- Partnering with a new scheme
- Product material
- Compliance and regulatory support
- Relationship managers
- Speed of response to queries/quotes
For more insights on broker distribution, download a free report sample
Market report scope
|Best-in-Class Insurers||Aviva, Allianz, AXA, and Zurich|
Reasons to Buy
- Understand which aspects brokers are placing increasing emphasis on when choosing an insurer with which to place business.
- Compare yourself with market leaders and see how they are strategizing going forward.
- Help your business continue adapting to the post-COVID era in line with brokers’ expectations.
Lloyd’s of London
Table of Contents
Most Important Factors for Insurer Selection
Best in Class Insurers
Analysis by Competitor
Analysis by Service
Frequently Asked Questions
The insurers who offer the highest performance level in the industry are Aviva, Allianz, AXA, and Zurich.
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