Australia's top insurers – as chosen by brokers

Australia’s top insurers – as chosen by brokers | Insurance Business Australia

Insurance News

Australia’s top insurers – as chosen by brokers

Winners were rated by brokers across 11 categories

Insurance News

By
Roxanne Libatique

Insurance Business Australia (IB) has revealed this year’s best insurance companies in Australia, ranked by brokers across 11 categories.

IB identified the winners of the Brokers on Insurers 2023 special report by asking brokers across the country to the rate the performance of insurance firms operating in Australia. The IB team ensured that the results were relevant and timely by asking the respondents to rate only insurers they had dealt with in the past 12 months.

The brokers rated each company’s performance on a scale of 1 (very poor) to 5 (very good) across 11 categories:

BDM support;
premium stability;
turnaround time – new business;
online platforms and services;
overall service level;
product innovation;
turnaround time – claims;
product range;
broker communication, training, and development;
brand recognition and reputation; and
commission structure.

For each category, the brokers ranked the insurers in order of merit according to an average score calculated from a tally of their ratings. The top three companies in each category received a gold, silver, or bronze medal. The insurers’ combined average score from all categories determined the medallists for Insurer of the Year.

The best insurance companies in Australia

Among this year’s Brokers on Insurers winners is Berkley Insurance Australia (Berkley), a general insurer providing customised solutions across a range of specialist product lines.

“As a company, our motto is local teams supporting local brokers, ensuring fast responses to requests for quotes, risk submissions, and new claims,” the company said in a statement.

Berkley is known for its cutting-edge technology, BindIT platform, which helps the company achieve a more streamlined approach to underwriting for its clients.

“Now, our brokers can obtain quick quotes, bind policies, and download documents all through this secure platform,” it said.