An intermediary satisfaction survey conducted by the British Insurance Broker's Association has revealed that brokers' satisfaction levels have been maintained since 2005, with the majority of insurers performing at the same level or slightly better. However, the survey also pinpointed specific areas of concern.
Despite most insurers performing at a satisfactory level, the survey identified a need for insurers to focus on basic service levels. The proportion of policies being issued correct first time for commercial lines businesses has caused particular concern.
The British Insurance Broker’s Association (BIBA) also revealed that 33% of personal lines brokers believe that insurers could do more to help them meet the requirements of the UK Financial Services Authority’s ‘Treating Customers Fairly’ initiative.
It is pleasing to see that overall insurers continue to provide products and services that meet brokers’ needs, said Eric Galbraith, BIBA chief executive. However, the target must be to improve service levels. I do not believe we are achieving the fundamentals, for example correct documentation. Whilst the survey reveals that there is no significant change year on year we must not become complacent, there is still much to be done if we are to look to achieving excellence. It is clear there is an opportunity for an insurer or insurers to rise above the rest of the competition.
Other results of the survey found that brokers that rated insurers highly for their brand perception on being financially secure, reliable and trustworthy were also rated lower in terms of innovation and being open to new ideas.