The annual Insurance Times Broker Service Survey 2022/23 is now open to brokers nationwide. Brokers, how many stars do your insurer partners deserve?
Brokers across the UK are able to have their say on insurer service as Insurance Times today launches its annual Broker Service Survey for 2022/23.
The survey, which informs Insurance Times’ Five Star Rating Reports, will close on 10 December 2022.
Over the last 12 months, there have been many challenges that brokers have had to navigate - for example, regulatory changes, the Covid-19 pandemic and hard market conditions, to name a few.
Brokers across the nation are also facing significant challenges in the year ahead - such as inflation - emphasising the need for their insurer partners to provide a five star level of service.
Your views collected in Insurance Times’ survey are vital in helping insurers shape their broker service.
Brokers that participate will receive a summary report of the findings and be entered into a prize draw to win a £250 John Lewis voucher.
There are two surveys - one for commercial lines and one for personal lines. If you specialise in both, Insurance Times would welcome your input into both surveys - plus, you’ll double your chances of winning the £250 John Lewis voucher.
Broker Service Survey 2022/23 – Commercial lines survey.
Broker Service Survey 2022/23 – Personal lines survey.
Over the past 17 years, Insurance Times’ Broker Service Survey has set the agenda for broker-insurer relationships, highlighting where brokers feel insurers perform well and turning the spotlight on where insurers fail to match brokers’ expectations.
Why take part?
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Insurers use the ratings and feedback received from the commercial and personal lines surveys to improve their services and products. By taking part, you are directly improving the service and products that you provide to your customers.
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Every broker that completes the survey will receive a free exclusive executive summary of the full report. This executive summary will include the overall ratings, general insights, broker feedback and more. This is otherwise only available for subscribers, who pay more than £600 a year.
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When you complete a survey, your details will be automatically be placed into a draw to win a John Lewis voucher worth £250. By taking part in both the commercial and personal lines surveys, your name will be entered twice into the draw.
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The survey will only take five to 10 minutes of your time, depending on how much feedback you want to provide. We understand how busy you are as a broker, therefore if you are unable to complete the survey in one sitting, do not worry as you will be able to revisit the survey link and it will continue from where you left off.
Since 2018, to make the survey findings more accessible for brokers, we introduced a star system to showcase the overall performance of insurers across five core service areas. Click here to visit the Insurance Times Ratings page.
In the commercial lines survey for 2021/22, the results showed that the overall service delivery across the market considerably declined.
The overall average score for the insurers included in this survey was 3.59 out of five - a substantial fall from the 3.76 achieved in the prior year. Year-on-year, it is evident that some brokers have suffered a decline in service levels from some insurers, while other brokers have been impressed with the way their insurance partners have maintained a high level of service, despite the challenges the whole market has faced.
Covéa Insurance and Aviva came top in the Five Star Rating Report: Commercial Lines last year. Both insurers were awarded the maximum of five stars for overall service across all five service areas investigated by the survey.
For a fourth consecutive year, brokers gave Covéa Insurance a maximum five star rating for overall service. Furthermore, for the second year in a row, brokers gave the insurer five stars across all five service factors explored in the survey. Aviva, meanwhile, returned to five star status last year after being awarded a maximum star rating for overall service - this followed brokers awarding the insurer an overall four star rating in 2020/21.
Markel, Zurich, NIG, Allianz, AIG and Chubb all were awarded an overall four star rating by brokers last year for their commercial lines service.
Click here to look back on how insurers performed in 2021/22 for commercial lines.
As for personal lines, Covéa Insurance, Chubb and Zurich came out on top in last year’s report - each were awarded the maximum five stars by brokers.
No insurers were awarded a four star rating in last year’s Five Star Rating Report: Personal Lines, but five insurers were awarded three stars and one insurer was awarded two stars. This result suggests that the overall combined service delivery across the market has slightly declined - the third year in a row that the market average has fallen.
The overall average score of the insurers included in the personal lines survey was 3.86 out of five, compared with the prior year’s 3.88 out of five. A 3.92 average was achieved in 2019/20.
Click here to look back on how insurers performed in 2021/22 for personal lines.
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