marketing support and broker compensation schemes continue to rank lowest, suggesting a need for agencies to more effectively address these long-standing concerns
Categories such as technical expertise, responsiveness and pricing saw a slight drop in broker satisfaction, underscoring areas where top underwriting agencies can gain ground and strengthen broker trust in an increasingly competitive marketplace.
Brokers' ratings of underwriting agencies' ability to place niche or emerging risks experienced a modest decline, pointing to a growing opportunity for these partners to better serve this market.
Similarly, a small decrease in broker satisfaction with technology and automation highlights the importance of leveraging advanced digital tools to improve efficiency and attract more broker business.
Declines across most categories show that competition is getting tougher, and brokers expect more than just the basics. Australia's top underwriting agencies stand out by focusing on core areas such as technical expertise and product knowledge while bolstering their reputation and support for brokers.
While a majority of brokers remain enthusiastic about working with their underwriting agency partners in 2024, the slight reduction in the "very likely" category and rise in the "likely" categories compared to 2023 could indicate a shift towards more cautious optimism, as brokers may be exploring other options and greater flexibility in serving their clients.
Those sentiments were evident in brokers' top three picks for insurance products provided by an underwriting agency in the past 12 months:
Broker support slipped from fourth to fifth place despite a slight 0.60% rise in importance. Premium stability maintained its sixth-place position, but its increasing weight suggests brokers prioritise predictable pricing to build client trust.
Commission structures kept their last-place rank, with a notable 7.58% drop in importance, indicating brokers may be less focused on financial incentives and more attuned to factors that directly benefit their clients.
According to IB's data, brokers' top seven suggestions to underwriting agencies in Australia for retaining and growing their business include:
The top-performing underwriting agencies strike a balance between agility and exceptional service, helping brokers serve their clients. This year's winners are in the best position to retain and grow their share of broker business, as the following IB data suggests:
In its search for the best underwriting agencies in Australia, Insurance Business surveyed 660 brokers, who ranked their top three agencies across 17 insurance types.
Brokers also commented on turnaround times, product ranges, pricing and the importance of key service aspects, such as commission structure, service levels and claims handling.
Based on this input, IB awarded gold, silver and bronze medals to the top three agencies in each category, as well as a Brokers' Pick medal to the top three insurance products.
Over more than two decades, husband-and-wife duo Alan and Jan Whittle observed that the insurance industry, supposed to focus on caring for people, often lacked a personal touch. Determined to make a difference, they founded HSUA to bring that human touch back.
HSUA has expanded to a 40-plus-strong team, including their son, Blair Whittle, acting as CEO. With a dedicated in-house tech team, innovations and automation are implemented at lightning speed, allowing HSUA to stay at the forefront of changing trends and to free up brokers' precious time.
"Our in-house tech team streamlines our ability to adapt to the constantly changing market," acting CEO Whittle says. "We've also been fortunate to have been doing this for over 23 years, and our brokers know that we'll be around for decades to come."
HSUA continues to grow, and its reputation for exceptional customer service and innovation remains at the heart of everything it does.
Founded in 2003 by spouses Glenn and Peta Ross, the couple took a leap of faith in launching the business after discovering a need for a niche player in Australia's construction sector.
One of the cornerstones of its success is the support and training it provides brokers to serve construction clients. What truly sets MECON apart from its competitors is its staff, who bring its thriving culture to life.
"Peter Drucker said culture eats strategy for breakfast, and while MECON has strategies, these are underpinned by our consistent and deep-seated culture that ensures engagement in goals and strategies are transparently shared across the company," says executive general manager and co-founder Glenn Ross.
"That also ensures that our service ethic endures. If I had to sum up in a word the reason we won gold and enjoy broker praise and loyalty, that word would be culture."
MECON has implemented several strategies to address the unique risks and challenges in Australia's construction sector:
"Collaboration with our brokers is our strongest suit; we rely on each other," Ross adds. "We survey brokers yearly and donate to a charity based on response numbers, and broker feedback is vital in driving our focus for the year ahead."
Ross notes that brokers' views are carefully considered and can lead to bespoke training depending on the need and region.
"We can take a team and divide the brokerage into senior and junior levels, and we love doing that because we often come away with new ideas and understanding of the issues that brokers raise that we can actually work on," he says.
Changes in the threat landscape haven't solely driven the evolution of Emergence's coverage.
It continues to provide comprehensive coverage for events such as ransom demands, cyberattacks, hacking and malware. However, over the last few years, the company's focus has shifted towards addressing these events' impact on their clients.
"This isn't just about responding to cyber events, but ensuring insureds have comprehensive support before, during, and after an event," chief operating officer Colin Pausey explains.
Emergence has also expanded its award-winning cyber event protection policy to cover personal risks, such as those faced by directors or officers, through optional D&O covers, highlighting how it tailors coverage to meet clients' current and emerging needs.
The cyber-focused company leverages sophisticated tools and analytics, but its approach is rooted in personal, human interaction.
"The combination is somewhat contradictory, but that's precisely what makes our service effective," says Pausey. "Our team is informed by cutting-edge tools but focused on holding the client's hand during critical incidents."
"Our motto is 'Shockingly Human Service,' so everything we do is with that in mind," says Whittle. "We believe that even as a tech-led company, we've never shied away from picking up the phone and chatting with our brokers to get the full story and ensure our brokers get the absolute best coverage for themselves and their clients."
Brokers noted that HSUA continues to go from strength to strength and praised its standout qualities:
Whittle has spotted several trends in the current market, including rates that are holding steady and, in some cases, reducing.
"Our extensive experience and detailed data collection over the past 20-plus years enable us to accurately determine price adequacy for each risk, allowing us to adjust pricing strategically," he remarks.
Staying ahead of the technological curve is also essential for Whittle.
The leading underwriting agency achieves this by leveraging advanced technology to enhance their processing efficiencies and reporting capabilities, ensuring it remains competitive and responsive to market demands.
With a laser focus on the construction industry, the company keeps close tabs on developments, legislation and related initiatives. It shares that knowledge with brokers through an information-rich portal on its website, MECONpedia.
As a member of the Independent Construction Industry Rating Tool (iCRT), which assesses the trustworthiness and reliability of building and construction professionals, Ross keeps across the factors impacting contractors, including labour and material costs, supply chain issues and changing risks.
"We're listening carefully to our brokers," he says. "And we translate that into our market sector and the coverage initiatives that we come up with, including broker training, to keep our products and services competitive and relevant."
Brokers praised MECON's staff for their expertise and accessibility:
The award-winning cyber insurance agency has earned recognition as a top brokers' choice partner for their cyber business for many years.
That's because, in addition to handling claims as they arise, Emergence also provides real-time, 24/7 risk management services as part of its smarter cyber solutions, as well as:
"Some of our competitors offer similar services, but we distinguish ourselves with comprehensive support that identifies issues early and helps clients take immediate action," says Pausey.
"This approach combines an insurance offering with a service offering, which reflects where the more sophisticated players in the market are heading."
Brokers lauded Emergence for its expertise and service, noting: