U.S. corporate insurance carriers that excel in claims processing responsiveness, underwriting expertise and customer service receive the industry’s highest scores for client satisfaction and loyalty.
Carriers that rank at or below middle-of-the-pack performance in claims responsiveness, underwriting expertise, or customer service are far less likely to be recommended by their clients.
The study examines correlations between insurance carrier performance in a range of product and service categories and the likeliness that a given carrier’s clients would recommend the firm to peers. The research is based on the results of interviews conducted by Greenwich Associates with risk managers at 676 large U.S. companies.
The factors that correlate most highly with customer satisfaction and loyalty are claims processing responsiveness, underwriting expertise and customer service.
“Companies give most carriers relatively weak scores in these important areas, and our research results suggest that companies in most cases don’t see much difference from carrier to carrier,” explains Greenwich Associates consultant David Fox. “As a result, the handful of firms that do receive strong scores in these categories stand out from competitors with particularly high levels of client satisfaction and loyalty.”
Claims Processing Responsiveness
The following carriers were rated “Excellent” in claims processing responsiveness by the largest share of corporate clients:
1. FM Global 69%
2. Chubb Corp. 45%
3. Travelers Insurance Co. 44%
4. Lloyds of London 38%
5. Liberty Mutual 34%
The following carriers were rated “Excellent” in underwriting expertise by the largest share of corporate clients:
1. Lloyds of London 76%
2. FM Global 74%
3. Chubb Corp 50%
4. The Chartis Group 45%
5. Travelers Insurance Co. 44%
The following carriers were rated “Excellent” in customer service by the largest share of corporate clients:
1. FM Global 71%
2. Lloyds of London 48%
3. XL 46%
4. Travelers Insurance Co. 44%
5. Liberty Mutual 39%
Source: Greenwich Associates
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