In response to evolving market dynamics and shifting consumer demands, brokers in Australia are reassessing their preferences concerning insurance providers. Amid these transformations, the bedrock of trust and reliability in insurer relationships remains paramount.
Insurance Business Australia (IB) recently unveiled its 2024 Brokers on Insurers special report, showcasing the insights of the broking community as they evaluated 12 major insurers across 11 key performance metrics.
The report identifies the following key trends in broker priorities:
1. Communication, Training, and Development: Previously ranked ninth, this category has surged to the forefront as brokers emphasize the importance of robust communication channels and continuous skill development.
2. Turnaround Times: Prompt processing of new business and claims has gained prominence, securing the second and fifth spots respectively, reflecting brokers’ insistence on efficiency.
3. Product Range and Innovation: Tying for third place, the emphasis on diverse product offerings and innovative solutions underscores the industry’s commitment to meeting evolving client needs and penetrating niche markets.
Selection Process for IB’s 2024 Brokers on Insurers Awards
Brokers nationwide participated in the survey, providing evaluations based on their interactions with insurers over the preceding year. Each of the 12 insurers underwent scrutiny across 11 categories, rated on a scale from 1 (poor) to 5 (very good).
The rankings were determined by averaging the scores, with the top three contenders in each category receiving gold, silver, or bronze accolades. The coveted title of Insurer of the Year was bestowed upon the entity with the highest combined average scores across all categories.
Top Insurance Companies in Australia for 2024, as Endorsed by Brokers
1. Berkley Insurance Australia (BIA)
Specializing in tailored general insurance solutions across various sectors, BIA prides itself on its localized approach and swift responsiveness to quotes, risk submissions, and claims. Notable accolades include the NIBA General Insurer of the Year in 2020 and consecutive recognition from Insurance Business Brokers on Insurers since 2021.
2. Vero
Renowned for its comprehensive suite of commercial insurance products, Vero caters to businesses of all sizes, offering a range of solutions from SME packages to workers’ compensation through GIO. Leveraging an “insurance with insight” philosophy, Vero stands out for its award-winning claims service, extensive network of business development managers, underwriters, and risk engineers, as well as its commitment to broker education programs.
In the ever-evolving landscape of insurance, the insights gleaned from brokers provide valuable guidance, ensuring that the industry remains responsive to the needs of businesses and individuals alike.
