We are delighted to release the findings of The Gracechurch London Claims Report 2014 today, ranking the claims service of London insurers. This is the largest independent study of claims brokers and explores their attitudes to service and standards. The Report, in its 10th year, is used by leading London insurers to benchmark, improve, and position their claims offerings.
Overall the study again shows that London Claims teams are stepping up the service they deliver and could be on track to be world class. A glaring omission in last year’s otherwise excellent London Matters Report was any mention of claims service. I want to rectify that by putting it on the record that claims is an area of excellence that London should shout about because it is genuinely delivering a quality service. Our earlier report last year showed that London Market claims service is rated significantly higher than that in the US or mainland Europe, and that is something leading brokers should be more actively promoting.
The 2014 Report also shows the market wants to get better, and there is a significant amount of movement between quartiles this year. Ambitious businesses, who have made the investment, have seen their rankings increase. These businesses use the research to inform key decisions, measure progress and keep on track while making changes to improve performance.
It is worth stressing that our ranking isn't related to willingness to pay claims but is about whether the business has ambition to deliver service excellence in a competitive market. We have seen insurers moving from the bottom to the top quartile and this has typically taken around three years. However, we suspect this time-span is reducing because teams in London are pushing harder for better performance while at the same time learning how to make change happen. The factors that most contribute to success are leadership commitment, a strong desire to be better than the competition and a shift from individual to team-based cultures.
In 2014 the top performing teams in the London market are increasingly differentiated by service reliability underpinned by strong relationship-skills. Teams in the higher quartiles score significantly better on speed, responsiveness, accessibility, communications and relationships.
Experienced staff and technical expertise are increasingly seen as hygiene factors, with teams tending to score similarly across-the-board on these criteria.
Gracechurch Consulting has been conducting high quality benchmarking studies in the commercial insurance markets for 14 years. We have developed robust reputation and service metrics which enable objective and accurate measurement of competitive performance. Gracechurch works with insurance teams to highlight issues and provide actionable recommendations. Being independent means we can provide an external viewpoint that challenges conventional wisdom.
We give our clients a deep understanding of market needs and competition, so they can make the right decisions that will drive change through their teams and ultimately deliver the service, standards and results they want.