Covéa Insurance 2017 Broker Survey Results

9th May

  • Broker satisfaction levels high
  • Cyber risks and Ogden discount are most significant concerns to brokers

Covéa Insurance is pleased to announce the results of its 2017 annual broker survey. The survey, conducted by an independent research company, canvasses the opinions of over 400 insurance brokers, measuring broker satisfaction with Covéa Insurance products and service across commercial and personal lines and provides insight into market issues affecting brokers.

Survey highlights:

 Commercial Lines & Schemes

 

 High Net Worth

  

The results on the commercial and HNW side reflect the company’s commitment to providing a quality range of products and a broader risk appetite and are in no small part due to recent investment in training and professionalism through their CPD accredited and CII recognised broker training academy. 

Commercial Lines & HNW Director, Simon Cooter commented:

“It is hugely gratifying to have 86% of our brokers saying that they rate our commercial proposition as very good or excellent compared with our competitors and it is our aim to push those levels of satisfaction even higher. I’d also like to thank our brokers who took part in the survey, and our teams for their hard work and dedication in delivering this outcome.  For us, the most valuable aspect of the survey is the feedback and comments from brokers about things we need to improve, so that next year we can do even better, and that’s what we’ll be focusing on in the coming months.”

 Personal Lines

 
  

This is the first year the company has extended its broker survey to personal lines brokers, and sets a high standard for benchmarking against in future years. The team’s account management stands out as a significant strength.

Carol Geldard, Personal Lines Director commented:

“We are delighted to see that our investment in behavioural economics and improving the quality of our cover has been recognised by our brokers and from a personal perspective, I am so proud that the quality of our people is also rated so highly. Insurance remains a people business and we work hard to ensure that our people deliver a fantastic service to brokers and their customers”.

 

Broker concerns & opportunities

Cyber threat

The risk of a cyber-attack remains uppermost in brokers’ concerns with 72% either concerned or very concerned about the risk to their business from a cyber-attack or data breach.  Although the majority say they have robust plans in place, which are regularly reviewed and tested, this is clearly not alleviating their concerns.

Ogden discount rate

The Ogden discount rate and its impact on the cost of personal injury claims was cited as a major concern. Over 70% of brokers believe it is the issue that presents the greatest risk to their business volumes and profitability in the year ahead, with concern expressed by some brokers that customers will become even more price sensitive and may cut back or self-insure.

 

Market outlook

Despite the challenges faced, most brokers remain optimistic; with 65% predicting business would improve in the year ahead, especially in the commercial lines market. One broker summed up this confident sentiment saying “all challenge is opportunity”.

 

 

 

 

 

-Ends-

 

About Covéa Insurance

Covea Insurance plc is the UK underwriting business of leading French mutual insurance group Covéa, who are number 1 for property and liability insurance in France and served 11.5 million policyholders, generating over 16.3 billion Euros in premiums in 2016.  

Covéa Insurance handles the insurance needs of 1.5 million policyholders; delivering financial reassurance through its Standard & Poor’s A+ stable rating, as a guaranteed subsidiary of Covéa. 

The company offers motor, household, protection, mid and high net worth insurance and a range of commercial insurance products, designed to meet the needs of most individuals and businesses. Employing over 1500 people, Covéa Insurance has a strong people and service ethos, having Investors In People Gold accreditation and featuring in the 2015 and 2016 Sunday Times Top 100 Mid-sized Best Companies to Work For. It also has World Class service accreditation from the Institute of Customer Service for its Motor Claims, Home Claims and Underwriting Services teams as well as Chartered Insurer status for its Commercial and Mid/High Net Worth business.

Back to list

Media Contacts

For media enquiries, please contact Kirsty Plank.

Alternatively, please call or email

E: Dianne Smith T: 07796 695 090

E: Rachael Moss T: 01422 286213