Broker Distribution Insight, 2022 - Which Insurers Lead The Way?

Broker Distribution Insight, 2022 - Which Insurers Lead The Way?

Summary

This report explores which insurers can be considered market leaders from the point of view of commercial brokers. It looks at the factors brokers find most important when selecting an insurer with which to place business, analyzing how this has changed over the course of the COVID-19 pandemic. Across 11 different categories, brokers select the insurer they consider to be best in class. The four leading insurers are discussed individually, with each separate category covered at length.

Brokers are placing an increased emphasis on flexibility in underwriting and cover in 2022. After brokers selected a combination of factors as important in 2021, brokers now have more clarity in what their clients want and therefore what insurers must provide going forward. Aviva sets the standard for other insurers to match according to brokers. It was the most selected option as best-in-class insurer in 10 out of the 11 categories. Brokers are generally quite disappointed with insurers’ response to the COVID-19 pandemic, with large increases in brokers selecting no insurer as best in class across a range of categories since its onset.

Scope

• As the UK economy emerges from the COVID-19 pandemic, brokers’ priorities have shifted. In 2021, brokers noted the importance of a combination of factors when selecting an insurer.
• By contrast, in 2022, brokers of all classes ranked flexibility in underwriting/cover as the most important consideration when selecting an insurer with which to place business.
• Aviva, Allianz, and AXA all improved their favorability for this category in 2022, suggesting insurers are adjusting well to the post-pandemic environment as brokers seek more effective and tailored cover for their clients.

• Understand which aspects brokers are placing increasing emphasis on when choosing an insurer with which to place business.
• Compare yourself with market leaders and see how they are strategizing going forward.
• Help your business continue adapting to the post-COVID era in line with brokers’ expectations.