The overall top-scoring companies in Connecticut are Chubb Group (commercial and personal), Peerless (commercial), The Hartford (commercial) and NLC (commercial and personal), according to this year’s member survey by the Professional Insurance Agents of Conn. (PIACT).
Chubb Group, NLC and Peerless ranked consistently strong, scoring among the top five companies on 10 or more of the survey’s 16 performance items. Also scoring well was The Hartford, which ranked among the top performers on seven of the 16 items. Progressive scored among the top five on six of the performance items.
Last year Chubb Group, Hanover, NLC, Peerless, Progressive and Royal & SunAlliance were the top five performing insurance companies, according to the independent agents who participated in the survey.
The PIACT Company Relations Committee, headed by Nicholas Fanelli, oversaw the 2004 survey project. The survey asked PIACT members to rank 15 insurance companies in a number of different categories including products and pricing; treatment of agents; marketing support; technology; claims handling; service; and underwriting. As with last year’s survey, agents were asked to rate most companies’ commercial lines and personal lines performance separately.
Other companies included in the survey were: Great American Insurance Group; Hanover; Kemper/Unitrin; Metropolitan Auto & Home; Middlesex Mutual; OneBeacon; Patrons Mutual; Safeco; Travelers Property Casualty and Zurich North America. Companies were chosen based on the number of PIACT members representing them; however, specialty companies were not included this year.
“Member feedback played a key role in determining the performance items selected for the survey,” said Fanelli. “The results determined by this survey will serve as a vital tool in helping insurance companies and their agents understand each other.”
Products and pricing
Agents were asked how strongly they agreed with the following descriptions, regarding the products and pricing of the company they were scoring:
Pricing is competitive.
Coverage compares favorably.
The Hartford and Peerless rated among the top five carriers on both these performance items. The companies perceived most strongly to have pricing that is competitive with other companies offering similar products are: Peerless (commercial), Safeco (personal) and NLC (personal and commercial); plus The Hartford (commercial) and Safeco (commercial), tied. NLC, Peerless and Safeco repeat from last year. NLC and Safeco have ranked well for all years.
Companies seen as having coverage that compares favorably with other companies offering similar products include: Chubb (personal and commercial) and The Hartford (commercial); plus Peerless (commercial) and Zurich (small business), tied. Chubb, The Hartford and Peerless repeat from last year; Chubb scored high in all three.
Treatment of agents
Agents were asked how strongly they agree with the following descriptions as applying to a company:
Dedicated to independent agency system.
Attractive agency compensation.
Communicates effectively.
Chubb (commercial), Peerless (commercial) and NLC (commercial) scored in the top five on all three items, while NLC (personal) and Patrons Mutual rated among the top five carriers on two of these performance items.
The five companies rated highest in the survey for dedication to the independent agency system are: Patrons Mutual, Peerless (commercial), NLC (personal and commercial) and Chubb (personal and commercial). NLC and Chubb repeated from the last two years.
Companies viewed as offering attractive agency compensation included: NLC (personal and commercial) and Peerless (commercial); plus Peerless (personal) and Chubb (commercial) tied. NLC was cited among the top carriers in all three years.
The companies rated highest for their effective communication are Chubb (personal and commercial); plus NLC (commercial) and Peerless (commercial), tied and Patrons Mutual. Chubb and NLC repeat from last year. (The question was not asked in 2002.)
Marketing support
Agents were asked how strongly they agree with the following descriptions as applying to the company they were rating:
Advertises, has a recognizable brand.
Supports agency marketing.
Progressive, Chubb (personal and commercial) and The Hartford (commercial) rated among the top five carriers on both of these performance items.
Companies perceived to advertise and have a recognizable brand include: Progressive, Chubb (commercial), The Hartford (personal and commercial) and Chubb (personal). Chubb, Progressive and The Hartford have scored high in this category in all three years.
The companies thought to support agency marketing are: Chubb (personal and commercial), Peerless (commercial) and The Hartford (commercial); plus Middlesex Mutual and Progressive, tied. Chubb and Peerless repeat from last year, Chubb also ranked in the top five in 2002.
Technology
Agents were asked how strongly they agree with the following statements about companies’ technology:
Good technology overall.
Good support, helps with training.
Chubb and The Hartford (commercial) rated among the top five carriers on both performance items. The top companies perceived most strongly to have the best technology overall include: Progressive; plus Chubb (commercial), Safeco (personal) and Travelers (commercial), tied. Additionally, Chubb (personal), The Hartford (commercial) and Zurich (small business) tied. Progressive, Travelers, The Hartford and Zurich all placed in the top five for good technology in all three years.
Companies recognized as offering good support and help with training are: Chubb (personal and commercial), Peerless (commercial), NLC (personal) and The Hartford (commercial). Peerless was similarly recognized last year.
Claims handling
Agents were asked how strongly they agree that the following statements apply to a company’s claims handling:
Pays promptly.
Adjusts claims fairly.
Chubb, NLC and Peerless (commercial) rated among the top five carriers on both of these performance items.
Companies that agents say pay claims promptly include: Chubb (commercial) and Peerless (commercial); plus Chubb (personal), NLC (personal and commercial), Patrons Mutual and Progressive, tied. Chubb and Progressive placed in the top five all three years.
The top companies seen as adjusting claims fairly are: Chubb (personal and commercial) and NLC (personal); plus Hanover (commercial), NLC (commercial) and Peerless (commercial), tied. In all three years, Chubb and NLC ranked among the top five.
Service
Agents were asked how strongly they agree with the following descriptions of companies’ service:
Good overall service.
Prompt, accurate policy issuance.
Chubb (personal) and NLC (personal) rated among the top five carriers on both these performance items. The top five companies perceived most strongly to have good overall service include: Chubb (personal and commercial), Peerless (commercial) and NLC (personal and commercial). Chubb and NLC repeat from the past two years.
Companies seen as having prompt, accurate policy issuance are: Chubb (personal) and Progressive; plus NLC (personal), Safeco (personal) and Travelers (personal), tied. Chubb, Progressive and NLC repeat from last year. (The question was not asked in 2002.)
Underwriting
Agents were asked how strongly they agree with the following statements about companies and their underwriting:
Stable, consistent market.
Grants flexibility when warranted.
Chubb, NLC and Peerless (commercial) rated among the top five carriers on both underwriting items. The companies perceived most strongly to offer a stable, consistent market include: Chubb (personal and commercial) and Peerless (commercial); plus NLC (personal and commercial) and Progressive, tied. This is the second year Chubb and NLC have ranked in the top five.
Companies seen as granting underwriting flexibility when warranted are: Peerless (commercial), Chubb (personal and commercial) and NLC (personal and commercial). NLC and Chubb repeat from last year. Questions about underwriting were not included in the 2002 survey.
“Definite patterns have emerged from the collected data; several companies whose agents perceive them as strong performers continue to rank well each year,” said Fanelli. “Companies and agents alike are taking this survey seriously, as seen by this year’s tremendous response from agents and the interest companies have shown in seeing their results.”
“More insurance agents are taking part in this survey each year, but this year’s turnout was exceptional. Insurance companies and their agents have always depended on their relationships and this survey provides a venue for agents to let their companies know where their strengths are,” said Jeffery Parmenter, CPCU, president of PIACT. “Now in its third year, the survey has provided enough feedback so that trends can be established.”
PIACT is a trade association representing professional, independent insurance agencies, brokerages and their employees throughout the state.
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