The Gracechurch UK Insurers’ Monitor (UKIM) independent survey has been reporting on insurer service every 6 months since 2022.
Over 425 interviews and 3,500 individual insurer NPS ratings were recorded in 2024. The survey now includes the UK Claims Monitor which tracks claims service.
The collaborative and constructive approach that we have taken has led to significant improvements. In the latest UKIM survey the average NPS stands at +3; up six points since the end of 2023 and up 23 points from when the survey started. This is a solid improvement, but service quality still varies significantly across the market leading to inconsistencies. Claims service is showing slower improvement and there is still much work to do; service across the market is highly variable and the average NPS is still in negative territory.
We plan to highlight region-by-region service comparisons. The focus will be on solving the issues in regions where service is below par and raising the bar across the UK.
No firm enjoys being told that their service level needs improving – but it is vital that they listen and act upon feedback. The Gracechurch UK Insurers’ Monitor has done an excellent job in highlighting to the sector areas of improvement and to see that the overall NPS has increased significantly since its inception shows how this is working, enabling insurers to support good customer outcomes. We are delighted to work with them to implement continual improvement at RSA and NIG, where service to brokers is our top priority during 2024/25.
Helping customers get the right outcome
Customers expect to have a policy that responds quickly and pays in full. What we don’t want to see is underwriting at the point of claim because the insurer had not been clear on what information should have been disclosed when cover was taken out, or a claim being prejudiced because an insured fails to act in a way that met their insurer’s expectations. For example, we currently see disputes related to voided policies, particularly where a business has failed to disclose that a director had been involved in an insolvent business many years ago.
Delivering fair value across
insurer distribution channels
Fair value is a core principle that underpins the products and services brokers offer clients. It is important for a broker to evidence that the advice and services that encompass the insurance purchase represent value for money.
It is also vital that insurers ensure fair value and consistency in the provision and pricing of their products through each of their distribution channels, reflecting the costs of each and differences in the extent of policy cover offered.
Insurance brokers bring an enormous amount of value to insurers and pick up most of the costs of distribution, offering insurers a regional network, sector expertise, client screening, claims support, administration and document fulfilment, marketing resource and local knowledge.