Insurance leader highlights key elements brokers demand from underwriters

Insurance leader highlights key elements brokers demand from underwriters | Insurance Business Australia

Insurance News

Insurance leader highlights key elements brokers demand from underwriters

Feature part of Insurance Business Australia’s top underwriting agencies awards for 2023

Insurance News

By
Roxanne Libatique

Insurance Business Australia (IB) has released a list of underwriting agencies chosen by brokers for their outstanding products and services.

IB identified this year’s top underwriting agencies in Australia with brokers’ help. More than 400 brokers participated in the survey, ranking their top three underwriting agencies across 16 major types of insurance. The brokers also named the top insurance products oﬀered by agencies and shared their insights on whether turnaround times, product ranges, and pricing had improved or worsened over the past year.

To better understand brokers’ priorities when selecting an underwriting agency, IB asked brokers to rank the significance of seven aspects of underwriting agencies’ service:

coverage;
overall service level;
turnaround times for new business’
turnaround times for claims;
broker support;
premium stability; and
commission structures.

IB calculated the top three winners for each type of insurance and awarded gold, silver, and bronze medals to those underwriting agencies. The three insurance products that received the most votes from brokers were awarded the Brokers’ Pick medal.

Key elements brokers demand from underwriting agencies

In an interview with IB, ADK Insurance Brokers director Nik Kanellakos said the key elements brokers look for when working with underwriting agencies are:

communication – returning calls and emails; and
innovation – finding solutions for clients.

“There are capacity issues and sometimes a lack of responses as we are forever chasing them, as there has also been an influx of new staff and inexperienced staff coming on board,” Kanellakos said.