Insurers face constant scrutiny when handling claims, and transparency in every step of the process is crucial. Insurance Business America (IBA) has acknowledged the industry’s top performers with its 5-Star Claims 2024 awards, determined by broker votes nationwide.
Brokers assessed insurers on key performance areas, including:
To identify the leading claims insurers for 2024, IBA solicited feedback from a diverse array of brokers.
The research team began by surveying various brokerages to understand their priorities when it comes to claims. Additionally, they interviewed hundreds of brokers across the nation, who rated the insurers they had worked with over the last year.
The extensive data collected allowed IBA’s team to weigh each criterion appropriately. Insurers which achieved top scores in terms of quality, expertise, and service were designated as 5-star award winners in claims insurance.
A notable winner this year is Arch Insurance (Arch), which offers a comprehensive suite of property, casualty, and specialty insurance solutions for corporations, professional firms, and financial institutions across the US.
The company’s culture is grounded in collaboration, communication, inclusiveness, and authenticity, which are key elements of its identity and operational strategy.
“It’s our willingness to consider unique circumstances and offer innovative solutions where other carriers may not,” said Christine Schneider, senior vice president of casualty claims at Arch. “Also, strategically executing on opportunities based on market conditions has continuously supported Arch’s growth.”
A pivotal element in Arch’s success is its new claims system, which supports the company’s objective of empowering employees to contribute value daily.
“We segment claims by line of business and hire employees with experience in those lines. We provide them with additional training and mentoring to ensure the continued development of expertise in those lines,” said Brian Kristiansen, senior vice president of financial and specialty claims at Arch.
The company also invests heavily in data analytics and transformation, enhancing its ability to use business intelligence to refine product offerings and improve claims handling.
It consistently seeks broker feedback to identify potential improvements in claims service. Over the past year, Arch conducted an extensive survey to gather insights on the claims experience from brokers.
“Through [brokers’] commentary, we strive to be able to build even more trusting, respectful, and responsive relationships with all of our partners,” Kristiansen told IBA.
Learn more about Arch and the rest of this year’s winners by reading the IBA 5-Star Claims 2024 special report.
