Congratulations to all the carriers that made it to the “best of” list in Insurance Business America (IBA) this month. For the fourth year in a row, brokers told IBA about their carriers’ performance in 10 different areas that are vital to a broker-carrier relationship.
Brokers rated their carriers on a scale from 1 (poor) to 10 (excellent) and then brokers were asked to select the three most important things they look for in a carrier partner. Their votes for the top three were competitive rates at 86%, underwriting expertise at 52%, and claims processing at 48%. The fourth and fifth most important thing was reputation and financial stability at 50% and range of products at 32%.
How well did these carriers perform in those top five categories?
Surprisingly well. The first four were all rated above an 8.23 and the range of products was above average score of 7.66.
How has carrier performance changed?
Across nearly all categories, carrier’s average ratings rose over last year, with several notable increases. Carriers’ average scores increased from 7.63 to 8.30 in the competitive rates category and marketing support saw a jump from 7.0 to 7.3. Quick quotes, however, took a bit of nosedive this year. The average score went from 8.06 to 7.71 in 2017.
Overall, the carrier market has greatly improved – 38 carriers, were seen as top performers this year, earning five-star status by receiving an average score of 8 or higher in at least one category. Out of those 38 carriers, 14 earned a five-star rating in all 10 categories, thus confirming their place as some of the best companies the industry has to offer.
We’d like to congratulate all 38 carriers, some of which, we happily call DRC clients.
Please check out the full article by reading the current issue at Insurance Business America.
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