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Lloyd’s Makes Progress: Customer Survey | Canadian Insurance

Lloyd’s Makes Progress: Customer Survey

Lloyd’s efforts to upgrade its quoting and service processes are
on the right track, according to the results of its latest customer satisfaction

Over half—53%–of the global brokers and clients surveyed said
that the market’s overall processes had improved in the past year,
giving them high marks for quoting and risk approach. Among those most
satisfied with the progress: so-called “reinsureds” (57%)
and Lloyd’s brokers (56%). The survey gauged satisfaction with
10 key areas at Lloyd’s, questioning Lloyd’s brokers, non-Lloyd’s
brokers and clients on issues that include access to underwriters, the
speed and accuracy of quotes, and claims notification and payment.

Overall, respondents rated their satisfaction with the market at 7.9
out of 10, but rated specific processes—like quoting—even
higher: quoting speed earned an 8.1 rating while accuracy earned 8.3.
Satisfaction with speed on other fronts—like confirmation of coverage—rated
7.6, while respondents noted marked improvement with speed of contract,
where the rating rose to 7.3 from 5.2 in 2005.

Most respondents—57%– credit the market’s new Accounting
and Settlement Repository for faster premiums processing. But they indicate
that progress on the claims front seems to be slower: satisfaction scores
for staying informed during the claims process (7.1), how fast claims
are paid (7.1) and notification (7.8) haven’t moved up in recent
years, though satisfaction with claims adjusters has improved. Respondents
rated the adjusters’ decision-making (8.2), availability (7.4)
and speed (7.6) more favourably than they did in 2007. Just over half
of Lloyd’s brokers (52%) use the market’s ECF system, and
many respondents noted that it could be simplified and that they needed
further training on it.

The survey, which questioned respondents in the U.K., the U.S. and Europe,
found some geographical differences: U.S. respondents were more satisfied
(8.4) than both their U.K counterparts (7.6) and the overall satisfaction
rate (7.9).

Lloyd’s has measured customer satisfaction since 2005.