In order to easily see how every carrier is perceived relative to other carriers on multiple factors, a Perceptual Map was prepared using some of the key evaluation and selection factors.
The Perceptual Map shows each carrier's position in one of four quadrants, illustrating how carriers stack up against each other based on their ranking by survey respondents. While some insurers rank high in some areas, they rank lower in others.
In the chart below, Flaspöhler shows each insurer's average rating (based on survey respondents' answers) on two specific sets of factors: Underwriting Process/Responsive Service (the horizontal blue or "X" axis); and Carrier Products/Coverages & Brand Reputation (the red vertical or "Y" axis). It was on these sets of correlated factors that surveyed agents perceived the largest differences to exist among carriers, says Rick Flaspöhler, the research company's president.
The point at which the two lines intersect shows the average rating for carriers. So, for example, Cincinnati's underwriting processes rank higher among respondents than those of The Hartford, even though the latter carrier ranks higher in products and coverages.
Companies above the blue line are above average on the Carrier Products/Coverages & Brand Reputation factors. Companies to the right of the red line are above average on the Underwriting Process/Responsive Service factors.
As shown by the Perceptual Map, Travelers is perceived as best on Products/Coverages & Brand Reputation. The Hartford, Chubb and Zurich are the next-highest rated on this factor set.
Cincinnati is perceived as best on Underwriting Process/Responsive Service, followed by Chubb, Travelers, RLI and Progressive.
All carriers in the upper-right quadrant of the map are seen as better than "average" on both factor sets. Conversely, carriers in the bottom left quadrant of the map (names removed) are seen as weaker than "average" on both factor sets.
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