<i>Business Insurance</i> 2012 Buyers Choice Awards highlight top service and expertise attributesPosted On: Nov. 25, 2012 12:00 AM CST
Companies recognized as this year's Business Insurance Buyers Choice honorees earned the recognition by being the companies that buyers of commercial insurance products and services recommend based on the attributes they identified as the most important.
As the first step in identifying the Buyers Choice group of “best-in-class” companies, buyers were asked to rank key service and expertise attributes in evaluating insurers, brokers and third-party administrators. Next, they were asked to identify the companies they'd recommend for demonstrating the top three service and expertise attributes they identified.
The Buyers Choice Awards recognize companies identified most often by small buyers, those with less than $500 million in 2011 revenue; midsize buyers, those $500 million to $3 billion in 2011 revenue; and large buyers, those with more than $3 billion in 2011 revenue.
Categories evaluated have been expanded in this year's survey.
In identifying the 2012 Buyers Choice honorees, profiles of which begin on page 11, buyers provided insight into the service and expertise attributes they value most and, in some cases, showed differences in what's valued most by buyers of different sizes. Buyers also identified the insurers, brokers and TPAs as the best overall in the respective categories.
The winners were chosen based on responses submitted out from June through August by 448 qualified decision-makers in surveys conducted by Chicago-based Blackstone Group, an independent provider of surveys.
COMMERCIAL PROPERTY INSURERS
Buyers of all sizes had the same view on the most important service attributes of commercial property insurers, ranking providing good value for premiums paid first, demonstrating reliable customer service and responsiveness second, and providing timely claims payments third.
COMMERCIAL LIABILITY INSURERS
Buyers of all sizes were agreed on the top two service attributes of commercial liability insurers. Providing good value for premiums paid topped their list, followed by demonstrating reliable customer service and responsiveness. While small and large buyers identified providing timely claims payments as the third most-important service attribute, midsize companies ranked communicating effectively on key customer concerns and issues as third.
COMMERCIAL AUTO INSURERS
Small and large buyers rank providing good value for premiums paid as the most important service attribute among commercial auto insurers, while midsize buyers ranked that attribute as third. Small and large buyers agreed again on the second most important service attribute for commercial auto insurers — demonstrating reliable customer service and responsiveness — while midsize companies ranked it first. Small and large companies also agreed on the third service attribute —providing timely claims payments — while that service attribute was ranked second by midsize buyers.
WORKERS COMPENSATION INSURERS
Small and large buyers each ranked demonstrating reliable customer service and responsiveness as the most important service attribute among workers comp insurers and providing good service for premiums paid as second. Midsize buyers reversed that order. Small and midsize buyers ranked providing timely claims payments third, while large buyers ranked communicating effectively on key customer concerns and issues as the third most-important service attribute.
Buyers of all sizes ranked demonstrating trust, integrity and reliability as the top service attribute among insurance brokers. Small buyers ranked offering in-person customer service and responsiveness second and, along with midsize buyers, ranked facilitating timely, informed renewal decisions third, while large buyers ranked that service attribute second.
Buyers of all sizes identified the same top two service attributes of third-party administrators as those they valued most: demonstrating trust, integrity and reliability; and communicating effectively on key customer concerns and issues.