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UK Insurance Broker Survey: Technology, Service, and Drivers of Choice

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22 July 2010
Catherine Stagg-Macey

Abstract

Brokers are looking for more speed and efficiency gains where possible. Over 70% of survey respondents rated speed of policy issuance and underwriting decisions as key criteria in choosing to work with an insurer.

Based on the success of the North American report looking at brokers and technology, Celent has launched a UK version. Would UK brokers echo the concerns of their North American colleagues in terms of the drivers of insurer choice? In a new report, UK Insurance Broker Survey: Technology, Service, and Drivers of Choice, Celent explores the technology and choices brokers make in choosing their insurer partners.

This report discusses in detail the results from a survey of 264 UK brokers. The typical profile of the respondent is a veteran insurance professional in a small to medium-size broker company, generating a significant book of business primarily in personal and small commercial lines from multiple insurers.

Technology is a critical differentiator only to the extent that tools impact speed and efficiency. There are enhancements to be made in the new business process, such as live chat and broader integration with insurer and broker tools. In addition to this focus, Celent proposes that the time has come to invest beyond the new business process and to look for efficiency gains through automation in the areas of claims and renewals.

“Time and time again, the data points to the importance placed on speed by brokers,” says Catherine Stagg-Macey, Senior Analyst with Celent’s Insurance Group and author of the report. “They greatly value insurers’ recent investments in portals that focused on quicker decision time and better customer service.”

This report examines the use of technology across the business process by brokers, looking at the role of the broker management system and the insurer broker website. It also analyses the reasons for the nominations of “best insurer” and concludes by making recommendations to insurers on investment prioritisation.

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