Relationship between brokers, insurance companies improved in 2012: survey

The relationship between brokers and their insurance company partners improved significantly in 2012, suggests the results of a survey conducted by the Insurance Brokers Association of Ontario (IBAO).

The results from IBAO’s “Rate Your Company” survey from last year suggest an improvement in  broker perceptions in channel leadership, channel support, product and service innovation, and technology and performance, the association says. 

“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.”

Intact remains the top ranked company according to the survey results, though the Dominion moved up two spots and Economical increased its overall ranking by six spots compared to 2010, IBAO also noted.

The survey is a bi-annual ranking summary based on statistical data received from Ontario’s insurance brokers. It measures whether brokers see individual insurance companies as partners both now and in the future and also measures performance in 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.