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16 September 2019
Brokers are starting to move business in response to new insurtech offerings, the latest AIMS member survey shows.
In the report’s executive summary, the broking group says the next generation of insurers is emerging “with the ability to deliver tomorrow”.
GM Glenn Schultz, who finished up at AIMS on Friday prior to his move to Steadfast, told insuranceNEWS.com.au the situation is “worth watching”.
“This is the first time that we have seen new and different offerings leading to brokers moving business,” he said.
“It’s not a massive wave, but it’s interesting. Traditional insurers are not going to just let business walk out the door and will have to identify improvements in their own organisations.”
The report also makes clear that insurtech is not having the negative impact on brokers that some predicted.
“Insurtech was heralded as the great disruptor to insurance and in particular the broking sphere,” it says.
“In fact, insurtech has become a useful partner in providing increased value to our clients. Instead of being the enemy, those focused on tomorrow have enlisted insurtech as a collaborator.”
Mr Schultz told insuranceNEWS.com.au brokers’ portfolios are still growing. “There is still value in what a broker does for a client,” he says.
Blue Zebra, launched last year, has stormed to the top of the survey’s charts in home and private motor, posting record scores in the process.
The survey’s overall satisfaction chart (all products) sees Allianz out in front with a rating of 46 (down from 51 in the last survey), followed by Zurich (43, down from 50), CGU (42, down from 44), Vero (41, down from 49), and QBE (37, down from 39).
“Certainly, claims handling remains a major contributor to some of the negative sentiment,” the report says.
In business pack, Chubb maintains a strong lead (58) with 360 Underwriting (49) in second place. Hollard Commercial Insurance achieved a significant 13-point improvement (45) since rebranding from Calibre.
In home insurance Blue Zebra is a clear leader (70), followed by Chubb (56).
Blue Zebra is also way out in front on private motor (68), with Allianz (47) in second place.
In industrial special risks Chubb is the leader (58), followed by Zurich (45). Chubb is also the clear choice on liability (55), with QBE (48) in second.
GT Insurance now leads the way in commercial motor (60), with NTI next best (54), followed by Sura and Zurich (both 48).
Dual is ahead on management liability (58), with CGU (48) and Sura (47) posting significant improvements. Dual is also the leader in cyber (58), followed by Chubb (46).
This survey is the last to include the views of IBNA and AUB brokers, after IBNA agreed to quit AIMS and join Steadfast. The survey will continue but in future will reflect responses from just AUB Group brokers.