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PIANH Company Performance Survey results

The Professional Insurance Agents of New Hampshire separated its Company Performance Survey into two surveys this year. On the surveys—one for personal lines and one for commercial lines—insurance agents in the state were asked to tell the association which carriers they preferred to do business with and why. Some 50 agents responded to each survey. Here is a breakdown of the findings.*

*The percentages are not meant to add up to 100. Agents were asked to select multiple carriers or options in response to each question, so the percentages are a reflection of the total number of agents who chose that carrier (or response) in response to the relevant question.

Personal lines

When they were asked which three personal-lines carriers agents would want to work with if they could only choose three, 55.32 percent of the survey respondents choose MMG Insurance Co. as their top carrier; Vermont Mutual came in second (48.94 percent); and Progressive was third (34.04 percent). When those agents who took the survey were asked which personal-lines carrier they would most like to add to their portfolio, 45.45 percent of them said Patriot Insurance Co.

Agents in the Granite State who took this year’s PIA Company Performance Survey also indicated the top-three characteristics they look for when they decide to work with a personal-lines carrier. Survey respondents agreed that pricing superiority (e.g., competitive, consistent) and underwriting superiority (e.g., consistent, flexible, knowledgeable, fair) were the most important (68.09 percent); followed by product/coverage superiority (46.81 percent); and claims superiority (e.g., prompt, fair, solid communication to all) (42.55 percent).

The top-three personal-lines carriers with the most appealing compensation, according to survey respondents were: Andover Cos. (43.59 percent); Vermont Mutual (35.90 percent); and Concord Group/Auto Owners (28.21 percent).

Commercial lines

The top-three carriers that survey respondents selected for their preferred business partners for commercial lines (if they could only choose three) were: Liberty Mutual/Peerless (65.12 percent), followed by Acadia/W.R. Berkley (62.79 percent); and MMG Insurance Co. (30.23 percent). The majority of survey respondents (66.67 percent) also indicated that they would like to add Patriot Insurance Co. to their commercial-lines portfolio.

The characteristics that New Hampshire agents look for when deciding to work with a commercial-lines carrier, echoed the survey’s findings in personal lines: underwriting superiority (e.g., consistent, flexible, knowledgeable, fair) (76.74 percent); product/coverage superiority (e.g., broadest forms) (65.12 percent); and pricing superiority (e.g., competitive, consistent) (44.19 percent).

Survey respondents also indicated that commercial-lines carriers in New Hampshire tend to have appealing compensation, as multiple companies tied for first and second place, respectively: Acadia/W.R. Berkley and MMG Insurance Co. (36.84 percent); and Liberty Mutual/Peerless and Vermont Mutual (26.32 percent).

Conclusion

New Hampshire professional independent insurance agents, who took part in the 2018 PIA Company Performance Survey, voted Vermont Mutual as one of the top-three carriers in writing both personal and commercial lines for competitive compensation, and those agents would overwhelmingly like to add Patriot Insurance Co. to their commercial and personal portfolios. Underwriting superiority; product/coverage superiority; and pricing superiority were in the top-three characteristics agents look for in carriers for both personal and commercial lines; and MMG Insurance Co. was in the top-three ranking for personal and commercial carriers that agents would work with if they could only work with three carriers.

Clearly, survey respondents in New Hampshire prefer to do business with regional and state/local carriers because the top-three carriers in every personal and commercial category, with the exception of Progressive, are regional or state/local carriers.

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