Underwriting agencies have a great opportunity to improve online services, according to a new broker survey.

Systems solution provider Gratex International asked more than 180 insurance brokers across Australia to assess underwriting agency performance on a range of issues, and to rate these issues by relevance.

Online services is perceived as the lowest-performing area, yet it is the second-most relevant to brokers.

“The responses suggest the delivery of online services presents one of the biggest opportunities for underwriting agencies to add value to the broker community and make themselves more relevant as business partners,” the report says.

Speed of service is considered vital, especially in claims processing, and customer experience is one of the most important issues for brokers when choosing underwriting agency partners.

Empowered buyers and competitive markets drive a growing need for highly tailored policies.

“Underwriting agencies not only need to understand customer requirements in niche markets very well, but they also need to develop complex and highly customisable products at competitive pricing,” the report says.

The future appears bright, with 54% of brokers predicting gross written premium growth for underwriting agencies and 99.5% saying they will not move to an entirely direct business model with insurers.