NEW YORK – January 8, 2018 – Advisen Ltd. recently announced the findings of the 2017 Claims Satisfaction Survey. The results of the survey are detailed in a report that identifies the carriers and TPAs with the highest quality claims services based upon a variety of claims handling “best practices.”
Input from 560 risk managers and brokers revealed FM Global, Chubb, Beazley, Gallagher Bassett, Travelers, and AIG as some of the highest-rated claims handlers. The survey highlights claims satisfaction in four lines of business: Property, Primary Casualty, Management/Professional Liability and Cyber.
Respondents identified expertise, good communication, accessibility, flexibility, and fairness as the top attributes brokers and insureds are looking for in an insurer/TPA.
Although generally satisfied with property claims handling, respondents said they would like better communication regarding timing and the schedule of work, flexibility with complex claims, online reporting, and after-hours services.
For primary casualty, respondents complained about cumbersome online reporting portals, a lack of regular communication, and misinterpretation of coverage.
Survey participants had the fewest complaints about how professional and management liability claims are handled, but many stated a desire for better explanations on coverage and communication.
Lastly, for cyber claims respondents asked for a more efficient way to capture the initial loss details, earlier and more frequent communication, and a list of preapproved vendors.
“An insurance claim is an opportunity for an insurer or third-party administrator to positively influence a policy renewal and earn new business,” said Chad Hemenway, Advisen’s managing editor. “This report gives a revealing look, based on feedback from buyers and intermediaries, into how well the insurance industry is fulfilling promises to pay claims.”
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