Broker servicing in the commercial insurance space of United Kingdom (UK) is dominated by a select few insurers that have continually surpassed their competitors in most performance areas. When brokers were asked to name the insurer they perceived as performing the best across a number of different elements, Aviva, Allianz, and AXA made up the top three in all but two of the 10 categories.
Aviva was the standout performer across the majority of categories. Allianz and AXA had previously competed for second place, but the former has clearly pulled away in 2019. There was very little representation beyond the leading three players, with RSA and Zurich registering one top three finish each.
Insurers optimizing and developing their online channel were often given recognition by brokers - namely Aviva. The insurer was largely favored for its e-trading capabilities and its support of clients online. Aviva was dominant across all but one channel; other providers must strive to improve their capabilities and propositions in order to match its service.
However, the service- and relationship-based categories were closer, giving Allianz and AXA hope that with minor improvements they can become the standout insurers in these areas.
The report "Broker Distribution Insight 2019: Which Insurers Lead The Way?", 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. 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 the majority of categories.
- Brokers particularly struggled to select a best-in-class insurer for compliance and regulatory support, suggesting this is an area where market leadership remains up for grabs.
- Partnering with a new scheme, relationship managers, and claims services remain key battlegrounds for the three leading insurers, with Allianz and AXA remaining within touching distance of Aviva.
Reasons To Buy
- 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.