There’s been a ‘solid trend of improvement’ in terms of service among insurers in Britain, according to the Gracechurch-BIBA UK Insurers Monitor released by the insurance consultancy and the British Insurance Brokers’ Association.
An independent benchmarking report of UK commercial broker views on insurer service and reputation, the Gracechurch-BIBA study is based on broker interviews and Net Promoter Score (NPS) ratings of insurers.
The latest edition shows that nine out of 22 insurers now have a positive NPS, with the average rating up by nine points since January and by 16 since middle of last year. The highest score currently stands at 28.
“When we started the study in mid-‘22, insurer scores were pretty low across the board and only one insurer was in positive NPS territory,” noted Gracechurch Consulting managing director Ben Bolton. “However, in the last seven to eight months we have seen several insurers’ service levels pick up strongly, sufficient to move the overall market performance in a positive direction.”
For BIBA chief executive Graeme Trudgill (pictured), the results are encouraging.
He said in a release: “We are really pleased to see objective evidence of positive progress on service and hope that the pace of improvement continues, especially because we are all working in a challenging economic environment where poor service can erode trust.
“I am also encouraged that the detailed results are being used by insurers to pinpoint where improvements can be made and that some insurers are really picking up the baton and taking positive action.”
It was pointed out that there’s plenty of room for further improvement, given that overall NPS is below zero (-4) due to six insurers having scores of -22 or less.
What do you think about this story? Share your thoughts in the comments below.
