Manifesto 2024: Biba to collaborate with UK insurers over providing ‘first-class service’

Biba is working with Gracechurch Consulting to help UK insurers provide a “first-class service”, according to its latest manifesto.

Published this week (10 January 2023), the document, entitled Managing Risk for Growth and Economic Security, explained that by “shining the light” on issues and using data to measure progress, the trade body aims to raise the “importance of service to insurer partners”.

To help do this, Gracechurch has established an objective benchmark of service levels, based on an ongoing independent survey of Biba members, known as the UK Insurers Service Monitor.

Gracechurch’s insurer clients can utilise the results to identify areas for improvement and strategise on how to leverage service for a competitive edge, thereby raising the bar for service performance.

To date, more than 800 broker interviews have been carried out, resulting in over 6,000 net promoter scores (NPS).

Improvements

An NPS is used to measure customer experiences through a number of different metrics, such as loyalty, satisfaction and enthusiasm.

The latest UK Insurers Service Monitor, which was published in October 2023, showed service levels had improved since 2022.

It showed that the average insurer NPS was up by nine points since January 2023 and 16 points since mid-2022 – Biba described this as a “solid trend improvement”.

The results also showed nine out of 22 insurers now have a positive NPS and the market leader was setting the pace with an NPS of +28.

In the manifesto, Biba said it would work with Gracechurch to issue a twice-yearly update on the results from the UK Insurers Service Monitor.

It has also committed to progress the Gracechurch Voice of the Broker panel, which is a group that contributes to surveys and shares in the feedback and service improvement learning.