Poor service holding commercial property carriers back: Allianz

A new survey from Allianz Global Risks US Insurance Co. shows dissatisfaction with the level of service being provided by commercial property carriers. In its survey, Allianz finds that 90% of property brokers have recommended clients to change carriers on the basis of poor service, while 46% of buyers have made the switch based on service concerns. Brokers say the performance of carriers impacts directly on their own business, with 72% saying poor service has had a detrimental financial impact on the broker.Insurers leaving brokers and buyers to linger during underwriting without even indicating if they are interested in the buyer’s program. Brokers wait days and even weeks for updates on submission status, with 41% saying carriers did a “somewhat or very poor” job of keeping them informed. Brokers and buyers (66%) says they would like to meet more often with underwriters, perhaps twice a year or even quarterly as opposed to the standard annual meeting.”The poor level of service being provided by commercial insurance carriers is unacceptable,” says Kevin R. Callahan, CEO of Allianz Global Risks US. “In just about any other industry, companies would go out of business if they conducted themselves this way.”