Commercial lines survey: results 2011

Chubb has held onto the top spot of Insurance Times’s Broker Service Survey 2011 for commercial lines, while Hiscox retains second place. But Sterling has shaken things up by clinching the coveted third slot, knocking out Arista, which plummeted to 17th.

It’s the first time that Sterling has broken into the top three in Insurance Times’s annual industry survey. The rest of the top 10 comprises new entrant APC, straight in at number eight; non-movers ACE, Fusion and HCC International; risers Ageas and Catlin; and a faller, Ecclesiastical.

Altogether, a total of 13 insurers improved their position, eight stayed the same and 10 experienced a decline.

Rising all-rounder

The survey asked brokers to rank insurers’ service performance in seven different categories.

Sterling’s swift rise to third position, up 17 places, resulted from rating improvements in all categories, with comments pointing to good all-round service.

Aside from Sterling, UK General was the next fastest riser, up eight places. UK General was helped by having questions relating to both of its trading brands (Primary General and Rural Insurance) rather than only one (Primary), as in 2010.

Allianz and AXA both moved up by six places, while Ageas, Tradex and Zurich were up five. Ageas rose on the back of all-round, year-on-year improvements noted by brokers.

Commercial lines experienced 13 risers (41%) compared to 12 (48%) in the personal lines survey.

Arista was the sharpest faller, slipping by 14 places, let down by ratings for claims and quality of cover.

MMA dropped by seven places owing to poor broker feedback on quality of cover, and underwriting expertise and flexibility. MMA’s rating for ease of access to decision makers also dropped, to average, down from being above average in previous years.

LV= Broker fell by five places and CNA was down three. CNA received poorer ratings for claims, both speed and fairness of settlement, compared to previous years. LV=Broker was hit by weaker ratings for underwriting expertise and flexibility, although it’s fair to note that brokers were asked to rate LV= (including ABC and Highway) in 2010, and purely LV=Broker in 2011.

Most improved

Brokers were asked to nominate the insurer they thought had made the greatest improvement to service during the past year.
Aviva was the most improved insurer in commercial lines. Allianz and AXA were in joint second place, both with 6% of the vote. Many
brokers remain unsatisfied, however: 4% chose ‘no one’ as their option for most-improved.

A clear message came through in response to the question, ‘What one thing could insurers do to improve service?’. Brokers keen to retain and win customers in a difficult economic climate want more underwriting flexibility and better responsiveness from insurers.

Insurers interested in understanding their results in-depth should call Trafford Blenkinsopp on 020 7618 3084.