Gracechurch Consulting finds London market claims service better than last year
RSA, AIG and Ascot were the worst at handling claims, according to an independent survey of claims brokers.
The Claims Performance Monitor report by Gracechurch Consulting was based on 250 detailed interviews with claims brokers in the London Market.
Gracechurch ranked 28 insurers and found that, overall, the market’s service performance was higher than when the survey began last year.
The top quarter of the insurers – Catlin, Hiscox, Amlin, Kiln, Watkins, Canopius and Mitsui – received significantly higher ratings on responsiveness and relationships.
“Proactivity in keeping brokers informed and developing trusted relationships are the bedrock of scoring well overall,” said chief executive Ben Bolton.
By contrast, the insurers in the bottom quarter significantly underperformed on the measure of responsiveness. They were Brit, Liberty, Zurich, ACE, Ascot, AIG and RSA. However, all but AIG received a higher score than last year.
“There is no doubt that the majority of brokers say that the quality of claims service affects the amount of business placed with insurers. In particular, they are looking for openness and dialogue around the issues, and those teams that recognise this will score more highly and potentially create edge over the competition,” said Bolton.