IBAO: Relationship Improving Between Brokers and Companies, Survey Shows

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IBAO announces results following bi-annual “Rate Your Company” survey

Toronto, ON (Jan. 17, 2013) – Today, the Insurance Brokers Association of Ontario is announcing results from its 2012 ‘Rate Your Company’ broker survey, showing a significant improvement in broker sentiment and perception of insurance companies. While individual insurance company results may vary, it is evident that brokers generally have shown an improvement in their sentiments for their chosen insurance company partners in 2012.

Some key findings from the 2012 survey indicate a significant improvement in broker perceptions in channel leadership, channel support, product and service innovation, and technology and performance. Results showed that the top five ranked companies remained the same as the 2010 survey with Intact maintaining its ranking as the number one company. Dominion moved up two spots and the Economical increased its overall ranking by six spots compared to 2010.

“We are very pleased with the results of our Rate Your Company survey,” stated IBAO CEO Randy Carroll. “It is important to see an increase in sentiment of the broker to company relationship and we look forward to continuing to work on these positive relationships as we move into 2013.”

IBAO’s ‘Rate Your Company’ broker survey is a bi-annual ranking summary based on statistical data received from Ontario’s insurance brokers. The survey measures whether brokers see individual insurance companies as partners both now and in the future.

Through predictive modeling, the survey identifies what attributes most influence broker perceptions of their partnerships with insurance companies. It measures performance in key tactical areas such as channel leadership, innovation, technology and operational performance in order to truly understand if the relationship is working or not, and if the overall landscape is changing.

In order to appropriately rate insurance companies that vary in size, scope and product offering, the ‘Rate Your Company’ uses a more complex three part rating algorithm that takes into consideration these variations as the means to increase fairness. The total score used to determine overall insurance company ranking is calculated using a formula that is a combination of the company rank in absolute terms (the total number of times the company is ranked as top performer) as rated by brokers; the company rank in relative terms (the total number of times the company is ranked as top performer by brokers divided by the total number of times the company was rated by brokers); and overall performance as rated by brokers.

About IBAO

The Insurance Brokers Association of Ontario is a ‘not for profit’ association that represents and serves the interests of over 12,000 independent Property & Casualty Insurance Brokers in the Province of Ontario. For information about IBAO, visit www.ibao.org or www.ibao.org/news to receive timely news and information updates. You can also follow IBAO on Twitter or join the IBAO Facebook Fan Page.

Source: IBAO