Travelers has topped the latest Insurance DataLab Commercial Lines Claims Pulse rankings, conducted in partnership with Research in Finance, after achieving an overall claims satisfaction score of 89%.
The insurer leads a group of seven Gold Award winners, with Sompo International taking second place with overall satisfaction of 86%.
Meet the Claims Gold Award winners
- Travelers – 89%
- Sompo International – 86%
- Chubb – 83%
- Markel – 83%
- Hiscox – 82%
- Zurich – 81%
- AXA XL – 80%
Travelers, Markel and Hiscox are the only three insurers to retain Gold Award status from the first wave, while Sompo International, Chubb, Zurich and AXA XL join the list of Gold Award winners following the second wave results.
The latest results are based on almost 1,500 commercial lines claims experiences, providing an updated picture of how brokers rate insurers at the point of claim and how performance has changed since the inaugural study earlier this year.
Different routes to strong claims performance
While Travelers leads for overall satisfaction, the results reveal important differences across the individual stages of the claims journey.
Sompo International records the highest initial response satisfaction among the Gold Award winners at 90%, as well as the highest score for customer outcomes at 88%. Markel, meanwhile, leads the Gold Award cohort for claims handling, with satisfaction of 86%.
There have also been some notable improvements since the first wave. Chubb’s overall satisfaction has risen to 83%, helped by a significant improvement in satisfaction with customer outcomes, while Hiscox has strengthened across initial response, claims handling and customer outcomes.
Zurich and AXA XL have also improved across all three stages of the claims journey.
The commercial stakes are rising
The second wave also reinforces the link between the claims experience and future business placement, with satisfied brokers more than seven times more likely to place business with that insurer again.
Indeed, more than four in five brokers (82%) who had an unsatisfactory claims experience said their trust in the insurer fell as a result, while 50% said they were unlikely to place business with that insurer again in the next 12 months, up from 39% in the first wave.
These findings underline why claims performance remains such an important part of an insurer’s overall proposition – and why consistency across the entire claims journey can have implications far beyond the claim itself.