Brokers increasingly value global coverage

Easy access to decision makers, the quick production of policy documentation, better information on underwriter risk appetite and global coverage were some of the themes top of brokers’ wish lists when dealing with insurers, according to a survey by ACE.

ACE conducted the survey at the BIBA conference, which also quizzed brokers on what their commercial clients want from insurers. Competitive pricing, breadth of cover and a high quality claims service topped the list, closely followed by financial security and global coverage.

Phil Sharpe, chief operating officer, ACE European Group said: “Competitive pricing and breadth of service are the familiar battleground that all insurers occupy. But it is interesting to see that global coverage is now among clients’ top five service requirements. We know from our experience that companies of every size, particularly those in the corporate mid-market, increasingly have to source and sell internationally in order to keep costs down and to access growth opportunities.

“The complexity of operating across borders and the interaction with a greater number of regulatory regimes raise the stakes and increase their risk exposure. Insurers need to respond with an appropriate service offering and offer global insurance programmes that are effective and compliant.

“These findings are in line with our other recent research with our broker network and we are already making a number of service enhancements to bring greater clarity to our risk appetite. We have empowered our regional teams with local underwriting authority across all lines of business, including environmental risk and professional indemnity insurance. We have also recently launched the ‘ACE Appetite App’ which provides online information to our brokers on our risk appetite by industry segment and across all line of business.”