Abstract
Overview
Introduction
Datamonitor' s commercial insurance broker survey analyses the opinions of 154
respondents covering their views of opportunities for growth as well as
threats to their business, their experiences of working with different
insurers and their attitudes towards FSA regulation.
Scope
- Information on what brokers find satisfying and dissatisfying about their
insurance partners
- Broker attitudes towards acquisitions, broker networks and consolidation
in the industry
- Data on the impact of FSA regulation on the market
Report Highlights
Large national brokers and direct underwriters posed the largest threat to
respondents, with more than 15% of brokers citing direct underwriters as a
high threat to their distribution model while a further 14% perceived large
national brokers to be a high threat to their business.
' Excellent claims handling' , a ' high level of personal service' and ' rapid
query response' are all valued highly by brokers. ' Excellent claims handling'
was valued most, with 79.9% of respondents citing this, while a ' high level of
personal service' and ' rapid query response' were rated as important by 76%
and 75.3% respectively.
Most brokers surveyed by Datamonitor felt satisfied with the level of
assistance they received in complying with FSA regulation from their insurance
partners. Almost three fifths cited that their insurance partners were
' helpful' and a further 16.2% cited that they were ' very helpful' .
Reasons to Purchase
- Gain an insight into broker attitudes towards the greatest threats in the
market
- Understand broker appetite for acquisitions and future consolidation
- Gain a greater understanding of the issues facing commercial brokers in
the UK.
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