IBA Insurance Service Awards
The Irish Broker magazine for April 2016 contains a review of the 26th IBA Insurance Service Awards. This is the annual survey of insurance brokers on the performance of Insurers across a range of categories in both the Life and General insurance sectors. Surely a glittering occasion for the market to pat itself on the back and accept plaudits for their bend over backwards attention to service excellence.
Under the Claims Service category they state: “Claims Handling is at the core of the insurance offering however the scores returned in this year’s survey of the General Insurance Sector again show that Brokers continue to be unimpressed with the service from insurers in 2015. With the market score lingering at 49% to 51% across claim service areas there is a major need for insurers to address the dis-satisfaction among brokers in the approach insurers are taking in handling claims in the General Insurance sector.”
In any other industry a satisfaction rating of 49-51% would spell disaster and yet these scores are dis-improving over the years and to my recollection have never been over 60%. Have we become complacent to accepting poor service or are insurers so focussed on squeezing cost savings out of claims they are unconcerned with competing with each other on satisfaction levels?
The insurance industry is able to hide behind the “regulated by the Central Bank” tagline, and the Consumer Protection Code, or if you are not happy you can refer your complaint to the Financial Services Ombudsman. If the Insurance Broker market is dis-satisfied with the claims service provided by the market, imagine how the individual policyholder who suffers a loss feels. They need someone on their side acting as an advocate on their behalf, to have any hope of receiving satisfaction.