Speed of service voted top attribute for insurance providers

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Over 70% of brokers have ranked 'speed of service' as the most important factor when insurance providers offer services to them.

Research carried out by Assurant Intermediary also revealed that other factors important to brokers include accuracy and speed of commissions paid and selected IT support as a critical indicator of quality service.

Kevin Paterson, sales and marketing director at Assurant Intermediary, said: “The word ‘service’ can be interpreted in a variety of ways, so this year we wanted to drill down and find out what aspects of service matter most to our brokers.

“By understanding the specific aspects of service that are most important to brokers we can ensure we continue to align with their needs.”

The survey also measured attributes that brokers found to be less important. The two lowest ranking attributes included commission levels, which rated at 19% and local BDM support, which came in last at 15%.

“The BDM figure is particularly interesting. A high percentage of brokers also named it as ‘important’ or ‘very important,’ so opinion is clearly split on this," added Paterson.

"Perhaps those who don’t view it as important don’t receive a good service from their BDM and so don’t know what they are missing. I think this is indicative of the recent trend by some providers to pull back on BDM support.”

Assurant Intermediary carried out the survey amongst more than 2000 mortgage brokers in the UK.

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