Lloyd's needs to refocus attention on service standards to keep business, drive down costs and effectively compete with its competitors, its chief executive Richard Ward has claimed.
Ward has warned that despite evidence that things are changing, progress is still too slow.
“With increased globalisation and competition we ignore our customer's needs at our peril,” said Ward. “The history books are littered with company casualties who have done just this.”
Lloyd's, second customer satisfaction research has revealed that key areas customers still want the market to improve on are: speed of policy documents being issued; keeping customers informed of progress on claims; and speed of settling those claims, according to Ward.
To achieve this he said: “We need to reduce the volumes of paper, speed up processing and ensure that policy documents and claims are delivered and paid on time.
“I approached change at the IPE in two stages – sorting out the back office
processes, and then improving the front office offering. This is very similar to what
needs to happen at Lloyd's. We have to address processing first and then look at
placement activity.”
