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Insurance risk manager survey reveals broker evaluation criteria
A recent cross-sector survey of corporate risk managers at more than 300 of the biggest companies in the UK and North America by global insurance research company Acritas (sponsored by Lloyd's and supported by RIMS and AIRMIC), reveals that Aon, Marsh and Willis lead the insurance broker brands in the UK, closely followed by JLT and a chasing pack including Lockton, Heath Lambert, Miller and Bluefin.
Of those risk managers interviewed, half are using between two and five brokers, while the other half use only one.
The most important evaluation criteria used by risk managers - and, ironically, one of the top three insurance buyer frustrations - is the broker's ability to understanding the client's business (84%). Other key evaluation criteria were specialist expertise in the required business lines (80%), speed of response to requests and queries (65%), knowledge sharing regarding market activity (57%) and fee levels (56%).
Risk areas cited as ripe for innovation and thought leadership were D&O, cyber risks and environmental risks.
O'Connors LLP works with FSA regulated insurance consultants idRisk Advisory Limited to help large companies and other organisations benchmark, procure and appoint the right broking partner - for information on these services and a selection of case studies click here.
For further information, please contact Nigel Wallis on 0151 906 1000.
