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Friday, 2 June 2017
Growth Prospects of the Broker Distribution - Which Insurers Lead the Way?
Broker Distribution Insight - Which Insurers Lead the Way? is a new market research publication announced by Reportstack. This report 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. The report illustrates what brokers are looking for from insurers, which enables insurers to adapt their distribution strategy with broker needs in mind.
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 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.
- 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.
Ageas Aviva Allianz AXA RSA Zurich Broker Network NIG Hiscox Home & Legacy LV= Chubb