’Claims service across the London market has improved this year,’ says managing director
The level of claims service across the London market has improved as more insurers were recognised for their work.
Independent insurance research consultancy Gracechurch has today (30 January 2024) released the results of its 10th London Claims Monitor report, which saw its Service Quality Marque (SQM) be awarded to 10 firms – two more than last year.
This includes Aegis London, Beazley, Chaucer, Chubb, Convex, HDI Global Specialty, Liberty Specialty Markets, Markel, MS Amlin and Tokio Marine Kiln.
The accreditation is awarded annually to those claims teams that have consistently delivered “outstanding service quality”.
Insurers that picked up the award exceeded the threshold of at least 75% positive ratings over the previous year.
Ben Bolton, managing director of Gracechurch, said: “Claims service across the London market has improved this year. Service in London is rated higher now than at any time over the past 10 years.
”I am pleased to see more frequent examples of outstanding service, with insurers providing brokers and insureds with what they need – responsiveness, top-level claims knowledge and prompt, precise communication.”
Reaction
Firms that picked up the award were all recommended by claims broking specialists in London and highly rated for two service-oriented metrics – communication and commerciality.
Read: Brokers ‘appalled’ by how long it can take to get hold of insurers
Read: Insurers warned as motor and building insurance complaints hit five-year high
Explore more claims-related content here or discover other news stories here
Tokio Marine Kiln said its claims service was highly rated in 87% of cases, with more than half of its service ratings in the ”excellent” range.
“Being awarded the SQM again for 2024 is testament to the fantastic way in which Tokio Marine Kiln’s claims team lives by our philosophy and implements the human way in everything we do,” Tobin Ryan, head of claims, said.
Meanwhile, Allianz highlighted that this was eight year that it had picked up the award.
Graham Gibson, chief claims officer at Allianz Commercial, said: “Our aim is to constantly improve the service we provide and our strong customer-first focus in claims management has strengthened our relationships with broker partners.”
And Gracechurch highlighted that Chubb had a “more consistent long-term record of claims service improvement than anyone else in the London market”.
“It continues to maintain a focus on granular improvement that belies its size,” it added.
“Brokers praise the combination of responsiveness and knowledge that Chubb brings to the table.”
Warning
While more insurers are being recognised for good service, Gracechurch data also shows that the gap between the highest and lowest performers has widened over the last year.
JMG Group chief executive Nick Houghton previously told Insurance Times that the amount of time it can take brokers to get hold of insurers as the industry becomes more digitised can be “appalling”.
Gracechurch highlighted that brokers wanted to see carriers doing more to consistently deliver both speed and quality of communications.
“Our data underlines the fact that there is outstanding claims quality in the London market,” Bolton said.
”The challenge for the London market is to raise the bar overall, so that brokers and customers can receive a reliable service.
”I hope that our data, as well as our partnerships with organisations like Biba, will continue to play a role in this improvement and drive-up standards across the market.”
Beyond the world of insurance, I've ventured into creative pursuits that promote inclusivity and representation.
My written work has found a home in publications such as Orange Magazine, Peahce Project, and others.View full Profile
No comments yet