IIABNY Industry Index Scores Increase for Personal, Commercial Companies

Independent insurance agents believe that insurance companies’ performances have improved in the last year, according to survey results released by the Independent Insurance Agents & Brokers of New York. The association says insurance producers give companies high marks for honest and fair treatment, but lower marks for how fairly they pay producers.

The Winter 2011 IIABNY Industry Index is described as a measure of how independent insurance agents and brokers view the insurance companies they represent. IIABNY says the index rose by 2.4 points for personal insurers over their Winter 2010 score, while commercial insurers saw a 1.6-point increase. Super-regional companies had the highest scores in both categories; companies writing personal insurance countrywide showed the most improvement; and regional companies (providing insurance mainly in New York) showed the most improvement in commercial insurance, says the association.

IIABNY says its Industry Index measures performance in areas such as underwriter empowerment, ease-of-use of technology, honest and fair treatment of agencies and customers, responsiveness of company personnel, and fairness of compensation arrangements.

The association also says the index was calculated based on the results of a survey taken in December 2010 with the assistance of research firm Vincent McCabe Inc. Commercial companies Travelers Group; Peerless Insurance Co. and Sterling Insurance Co., and personal insurance companies Kemper, A Unitrin Business; Preferred Mutual Insurance Co. and Dryden Mutual Insurance Co., received Outstanding Company Partner Awards at a ceremony during IIABNY’s Capital Event in January, says IIABNY.