Broker Distribution Insight - Which Insurers Lead The Way?

Abstract

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' top consideration when choosing an insurer in 2023 was the insurer's flexibility in underwriting/cover. This continues to be the leading factor; however, it has fallen in importance since 2022. Brokers continue to place emphasis on insurers that can help fill gaps across their spectrum of clients after the pandemic revealed the diverse risk exposures of different industries. Furthermore, macroeconomic factors such as inflation have emphasized the importance of flexibility. Brokers are emphasizing price/premiums more than they were prior to 2023, reflecting the sentiment of their clients during a difficult financial time for businesses.

Scope

• Aviva was the standout performer in the eyes of brokers once again in 2023. It was the leading performer in nine out of 11 categories for which brokers were asked to select their best-in-class insurer.
• Brokers' goals have slightly changed as the UK economy emerges from the COVID-19 pandemic and heads into a potential recession. The importance of underwriting flexibility to brokers has grown significantly in recent years, with brokers ranking it the most important factor when choosing an insurer.
• Brokers of all classes selected flexibility in underwriting/cover as the most crucial factor when choosing an insurer to place business with in 2022 and 2023, highlighting the importance of this factor for both broker and clients.

Reasons to Buy

• 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.
• Enable yourself to continue adapting to the post-COVID era in line with brokers' expectations.