Commercial brokers told Insurance Times that a quality claims service is more important than competitive pricing, aligning with the FCA’s refreshed stance around fair value.
Insurance Times research shows that elements such as scope of cover and a high-quality claims service trumps competitive pricing for some commercial lines brokers.
Answering ‘competitive pricing is considered to be an important factor to many brokers, are there any other factors that you consider to be more important than pricing?’, our research identified some common responses from brokers, including:
- Quick service and turnaround times.
- Good levels and scope of cover.
- Claims service and a reasonable attitude towards claims settlements.
- Strength and clarity of policy wordings.
- Risk appetite.
- Relationship with underwriters and account handlers.
- Expertise and technical knowledge of underwriters.
- Policy benefits and service add-ons.
- Risk management.
360Globalnet delivers this quality claims service for brokers and insurers and its platform has proved ideal to orchestrate the multiple parties, communications and transactions over the global networks involved in commercial insurance.
Whilst 'No Code' might sound boring and another technology vendor hype term it is a fundamental differentiator that delivers fast innovation cost-effectively. Most technology platforms require coding and as there is a never ending list of too many major projects crowding out the capacity of broker and insurer IT teams to deliver innovation and anticipate fast changing customer requirements No Code is making major inroads.
Just look at Google funded Unqork and the impact it is making in the insurance world. Where Google goes traditional technology vendors follow.
The focus on faster innovation, competitive differentiation and stripping out cost is clearly shown in Lloyds Blueprint Two where CEO John Neal is challenging London Markets and all participants to increase service, strip out cost and compete in a rapidly changing world.
360Globalnet is far from traditional and Founder-CEO Paul Stanley took an early decision to adopt no code as the foundation of its claims management platform 360SiteView.
The decision proved wise especially when COVID-19 hit business with work-from-home and surges of unexpected claims like travel cancellation and business interruption.
From hundreds of claims a month brokers and insurers were hit by thousands, even tens of thousands.
Two of the six insurers in the FCA Business Interruption Test Case chose 360Globalnet to deploy customised and automated solutions in a very short time.
No Code is an essential 'Must Have' when choosing technology partners.
And when claims service trumps price competitiveness brokers and insurers would de well to contact 360Globalnet.
On 22 September, the FCA published its General insurance pricing practices market study report, which revealed statistics and proposed remedies around the practice of price walking, where new customers are offered lower, more competitive premiums than longstanding insurance customers. This report was a clear demonstration of how the FCA’s priorities as a regulator have pivoted from being price-centric to instead focus on customer service, with ‘fair value’ being the mantra of choice.