Core principles don’t change. When I was an insurance broker, one of our top placement decisions was around the insurer’s approach to claims.
Disposition, propensity to pay, ‘can do’ attitude and speed of response are things only the brokers really know, not the customers. Which is why the role of the insurance broker is so important.
As the inaugural Insurance DataLab Insurer Performance and Conduct Report shows, the claims experience and ultimate outcome remain fundamental in brokers’ thinking – brokers know who the most co-operative insurers are, and how this influences future placement decisions.
A matter of trust
The findings illustrate how the experience during a claim is a key driver of trust and of future placement, with 78% of brokers losing trust after a poor claims experience and 39% of them unlikely to place business after a negative experience.
However – and here is the message to our ‘can do’ insurer partners – 95% would place with them again after a positive experience.
Insurance brokers have to demonstrate good outcomes and they very much value those insurers that stand up in times of need.
I think this core issue is more important now than ever before, and it is helpful that Insurance DataLab has feedback from so many brokers to put this in the spotlight.
Work to be done
Claims drive the majority of complaints and the fact there remains a high number of upheld complaints on claims in some classes means there is room for improvement.
It is important that the FCA is looking at the cause of where these complaints arise from. For many years, our own evidence has shown us that if a client uses a broker they will get more claims paid more easily, and to a higher degree, and with fewer complaints.
We await the outcome of the FCA work with interest and, of course, any learnings for the sector to consider.
BIBA’s own Manifesto work on service is showing positive improvements across the sector. Let’s keep the momentum going.
This is a fabulous industry and insurers and brokers working together can create a valuable force for good when a client needs us most.
Download The Insurer Performance and Conduct Report
How do insurers really perform when it matters most?
Created in association with BIBA and sponsored by SSP, the inaugural Insurer Performance and Conduct Report introduces our new Insurer Performance Index, combining claims, complaints, solvency and underwriting performance into a single, comparable view of insurer performance.
The report also includes findings from our Commercial Lines Claims Pulse survey, based on more than 800 real-world claims experiences, providing unique insight into how claims outcomes influence broker trust and placement decisions.
Download your free copy today to discover the insurers delivering the strongest all-round performance and what the findings mean for brokers, insurers and customers.