After another turbulent year, Gracechurch awards six London insurers for proven claims service quality, setting the bar for the rest.
Gracechurch, the independent insurance research consultancy, has awarded its coveted Service Quality Marque to six London insurers in 2022, following a year of disruption, changing customer expectations and an ongoing talent shortage.
The insurers achieving the 2022 Outstanding Service Quality Marque are: Aegis; Beazley; Chaucer; Chubb; Liberty Specialty Markets and Tokio Marine Kiln.
These insurers were all strongly recommended by claims broking specialists in London and consistently highly rated for communications and commerciality.
All exceeded the threshold of 75%+ positive ratings over the previous year, meaning that customers who use them can trust to having good experiences.
Ben Bolton MD comments:
"Most of the 2022 winners have done so every year for the past five years or more, showing that their service delivery is no flash-in-the-pan. 2021 was again messy in terms of working arrangements and we have seen a lot of staff movement…in that context maintaining quality of service is no small achievement.”
The study, now in its 15th year, and conducted among specialist claims brokers, showed that the London Market’s service has improved vs 2020 but that brokers are still experiencing service inconsistency and demand faster claims handling and responsiveness overall.
Many are frustrated about ‘antiquated’ London Market systems which are seen as hindering efficient service, which indicates just how important it is that Lloyd’s modernisation programme delivers for the market.
Bolton adds:
“The evidence shows that claims technology being deployed in the UK SME market by major carriers enables better service. The next phase of development therefore will be very much about how quickly and effectively technology can be implemented by carriers, as it won’t be just ‘a nice to have’. London must now realise it’s not in a bubble and needs updated decent technology to enable better service for the Market and the policyholders.”
About the Claims Service Quality Marque
The SQM is awarded annually to claims teams who have been rated as having consistently outstanding service quality based on the Gracechurch Claims Service Monitors.
27 London Market insurers were measured, based on 3,291 individual ratings.