Cyber threat tops worry list

Cyber threat is the greatest concern for brokers, according to a survey carried out by Covéa Insurance.

It polled more than 400 brokers with 72% admitting they were concerned or very concerned about cyber threats.

The Ogden discount rate and its impact on the cost of personal injury claims was cited as a major concern for over 70%, but despite the challenges faced, most brokers remain optimistic with 65% predicting business would improve in the year ahead.

The survey also measured customer satisfaction, with Covéa again scoring highly, with 92% rating its schemes claims handling and customer service good or excellent.

Its commercial proposition scored 86%, while relationship management, bespoke products, commercial underwriting technical knowledge, and its small business team’s professionalism and technical knowledge all scored 79% or 80%.

Meanwhile, 93% of respondents ranked its fairness at good or excellent, with access to decision makers scoring 87%.

Commercial Lines & HNW director Simon Cooter said, ‘It is hugely gratifying to have 86% of our brokers saying that they rate our commercial proposition as very good or excellent compared with our competitors and it is our aim to push those levels of satisfaction even higher. I’d also like to thank our brokers who took part in the survey, and our teams for their hard work and dedication in delivering this outcome.  For us, the most valuable aspect of the survey is the feedback and comments from brokers about things we need to improve, so that next year we can do even better, and that’s what we’ll be focusing on in the coming months.’