Brokers are angry at poor insurer service during the pandemic
By Content Director Saxon East
The anger was palpable at Insurance Times’ Brokerfest 2021 conference on Monday 11 October.
Brokers have a clear message for insurers - you have let customers down in their hour of need.
Rejected claims, steep increases in prices among certain classes and a diminished risk appetite were some complaints.
But the biggest gripe was against the appalling referral times and generally slow response times brokers suffered during the pandemic.
Some have been left waiting days, and even weeks, for a response.
MGAs are much better at responding, but they don’t have the breadth to service all brokers’ needs.
Hiscox was criticised on several occasions. The insurer was meant to be a symbol of claims and service promise.
But if Hiscox won’t deliver in desperate times, then who will?
Brokers felt the reputation of the industry had sunk to a new low in the eyes of the customer.
There are not many options for brokers.
MGAs were praised at being much better on service delivery. Lloyd’s was also highlighted as being better than the mainstream UK general insurance pack.
Lloyd’s insurers and MGAs will surely gain from this episode, as broker trust in mainstream UK general insurers has diminished.
The greatest hope brokers have is that insurers will learn their lesson, understand their risks better and improve response times when customers most need it.
They are not counting on it though.