The overall carrier index scores for insurers in personal and commercial lines were six-tenths and 2.7 points higher, respectively, from the combined overall score in the previous survey, made public in February. The latest survey, conducted in May and June, groups national, super regional and regional carriers. In each instance, regional companies continue to rate higher scores than their super regional and national counterparts.
For the first time, IIABNY members rated their carriers separately in personal and commercial lines, with the summer index study finding commercial lines carriers scoring higher than those in personal lines in this New York-centric project.
“Our study focuses on issues specifically facing principals of New York agencies and brokerages,” said Kathy Weinheimer, IIABNY senior vice president, Industry Relations and Education. “Unlike other similar surveys, IIABNY zeroes in on New York state.”
One of the most significant findings of the survey centers on the improved scores in underwriter responsiveness. Among all carriers, the score was nearly 3 points higher, possibly attributed to the current soft market that may be causing companies to allow their underwriters more flexibility in working with their agents.
Member agencies indicated their satisfaction in six major performance levels, such as ease of use of technology and documentation, kept promises and relationship with agency's customers, and agency-carrier relationship as a "real" partnership. A record number of participants contributed to this research effort.
New York’s oldest and largest producer’s trade association commissioned Vincent McCabe Inc. to conduct the Industry Index. Based in Skaneateles, New York, Vincent McCabe Inc. is an independent, third-party consulting firm specializing in financial and insurance research.
About IIABNY
The Independent Insurance Agents & Brokers of New York, Inc. has represented the common business interests of independent insurance professionals since 1882. More than 1,900 agencies and their 18,000 employees currently rely on the DeWitt, New York-based not-for-profit trade association for legislative advocacy, continuing education and other means of industry support.