What are the most important criteria when working with insurers?

Insurance Business Australia (IB) has worked with brokers to identify the winners of this year's Brokers on Insurers special report.

The IB team invited brokers from across Australia to rate the performance of nine insurers they have dealt with in the past 12 months. For each of the 11 categories, the brokers ranked the insurers in order of merit according to an average score calculated from a tally of their ratings.

The top three companies in each category received a gold, silver, or bronze medal. Meanwhile, the insurers' combined average score from all categories determined the medallists for Insurer of the Year.

Key factors to consider when working with insurers

Among the 11 categories, brokers ranked six as the most significant to consider when working with insurers (1 = least important; 5 = most important):

• BDM support (4.08);
• premium stability (4.06);
• turnaround time – new business (4.06);
• online platforms and services (4.04);
• overall service level (4.03); and
• product innovation (3.99).

The other categories brokers consider when working with insurers include:

• turnaround time – claims (3.91);
• product range (3.90);
• broker communication, training, and development (3.89);
• brand recognition and reputation (3.87); and
• commission structure (3.87).

Find out which insurance company made it to this year's list and ranked the highest in each category by reading the IB Brokers on Insurers 2023 special report.