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Intact, Gore Mutual, Aviva are “brokers’ choice” in Ontario: survey

Brokers' Choice results reveal willingness to keep carrier business.

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Generally, the answer is yes, with the majority of brokers acknowledging positive relationships with carriers, and a willingness to keep current partners and place more business with them, according to the Insurance Brokers Association of Ontario’s (IBAO) latest Brokers’ Choice survey.

Respondents to the bienniel survey revealed largely consistent reviews of insurer leadership and innovation, though several companies emerged as key partners. When asked to single out insurers they’re comfortable doing business with and see as a meaningful partner and key player in their future, Intact, Gore Mutual and Aviva topped the rankings with the highest overall scores. The Dominion and Farmers Lindsay Mutual rounded out the top five companies overall.

The same companies emerge as leaders even when chosen by two different groups–broker management and administrators. Gore Mutual, Intact and Aviva, took the top three spots as ranked by broker management, while only the order shifts–to Intact, Aviva, Gore Mutual–when ranked by CSR or TSR staff.

“It is always important for our association and our insurers to take the time and take a pulse check to see how the industry is doing,” said Randy Carroll, IBAO CEO, in releasing the findings April 7.

The association conducted the survey, which examines channel leadership, support, product and service innovation, senior management, technology and operations, with business intelligence firm Navicon, Inc.

Key partners

Brokers also singled out Farmers Lindsay and Gore as industry leaders for specific practices–the two companies emerged as “above average” high scorers in several categories: in demonstrating a strong partnership with brokers, having a strategy consistent with broker needs, for company philosophy and direction and–along with Chubb–for overall performance.

On the technology front, Axa Gore, and Lombard Canada led the “above average” companies, while Gore and Lombard Canada–along with Intact–also topped the “above average” carriers on product and service innovation.

On the non-standard side, Coachman fared well among broker respondents, earning “above average” scores in all categories.

Sticking around

The brokers surveyed–roughly 1600 responded–appear committed to their carriers, with most opting to place the same amount of business with them during the coming year and many opting to place more business with them. Certain companies, like Pembridge, have high business retention rates: 70% of broker respondents said they would place the same business with Pembridge, while 24% acknowledged plans to place more with the company. Well over half–65%–of those dealing with RSA plan to keep business there, and 28% plan to place more.

Some are eyeing to place markedly more business with carrriers such as Lloyd’s (40%), Peel Mutual (49%) and Gore Mutual (49%).

Other companies didn’t fare as well. York Fire had 37% pledging to keep business there, but 40% saying they’d place less business with the company.

Note: this story was originally published on April 11, and updated on April 12.