Gracechurch has announced the latest achievers of its 2024 Service Quality Marque Scheme (‘SQM’) for claims. The independent accreditation is awarded annually to those claims teams that have consistently delivered outstanding service quality
In the London Market, ten Insurers achieve the 2024 SQM:
· AEGIS London
· HDI Global Specialty
· Liberty Specialty Markets
· MS Amlin
· Tokio Marine Kiln
In the UK Market, three Insurers achieve the 2024 SQM:
There are three key take-outs from the 2024 results:
1. Once an Insurer achieves the SQM, they work hard to keep it. Independent accreditation is a powerful extra incentive for teams to maintain a quality service and stay ahead of the pack, plus the research helps them stay focused on what really drives service. In the London Market, the three Insurers who were awarded our inaugural Claims SQM in 2017 have all retained it to this day. In the UK market, no Insurer has ever slipped below our SQM benchmark after achieving it in the previous year.
2. There is no single path to achieving the SQM. Insurers are all different and each Claims team its own route to great performance. We analyse results and make recommendations and Claims Teams work out what they are ‘at their best’ and implement tailored changes to deliver better, measuring the impact along the way. The destination may be the same, but the journey is always different.
3. Our SQM demonstrates that the claims performance bar is rising. When we first awarded the claims SQM in 2017, only three London Market Insurers and one UK market Insurer met the benchmark. Those numbers have now risen to ten and three respectively: the service bar is climbing and SQM usage is growing. You will see the claims SQM pop up in a variety of forms out in the wild, ranging from email signatures and websites to Pitch documents and advertising campaigns. Some are even sharing results with the FCA!
Congratulations to all who achieved the claims SQM in 2024. We hope and expect to see even more Insurers achieve the SQM in 2025.