Lloyd’s Survey Finds Satisfied Customers

March 5, 2009

While most people aren’t terribly pleased by the turmoil in the banking sector, their satisfaction with Lloyd’s of London appears to be growing. A recent poll concludes that overall customer satisfaction with Lloyd’s “has improved year on year, with its 2008 Customer Satisfaction Survey revealing the highest results for its front end processes, such as speed and accuracy of quotations and contracts.”

Lloyd’s notes that, “according to the fourth annual survey, overall customer satisfaction – which includes brokers, insureds and reinsureds – has risen year on year, and is now rated 7.9 out of 10.”

Highlights of the research included the following:
— Over half of respondents agreed that processes covered in the survey have improved in the past 12 months;
— Lloyd’s receives highest scores for speed (8.1) and accuracy (8.3) of quotation;
— 57 percent believe the Accounting & Settlement repository has improved the speed with which premiums are processed;
— satisfaction with speed of contract has improved for the fourth consecutive year, from 5.2 in 2005 to 7.3 in 2008; and
— satisfaction with speed of confirmation of coverage has increased to 7.9.

Sue Langley, Lloyd’s Director, Market Operations and North America, commented: “During 2008, we worked with over 700 customers to understand perceptions of how the market currently operates and the change initiatives, which will help us determine market priorities. It is encouraging to see that the changes we have put in place following the last three surveys are working and our customers are seeing the benefits against our competitors.

“Going into 2009, it is important to use the information the survey provides and continue to address any concerns. For example, brokers have identified that underwriter availability and queuing are issues for them, so initiatives like the Lloyd’s Exchange have been developed to help with processes such as endorsements.”

The survey didn’t give Lloyd’s a perfect score, however. It revealed that speed of claims payment and keeping customers informed during the process had improved, but did not score as high as other areas.

“Building on the introduction of the Electronic Claims facility, we are currently continuing to improve our claims function through the development of the Claims Change Program and Segmentation. Both projects will deliver benefits and we will look to launch these through 2009,” Langley explained.

Lloyd’s added: “While customers’ views of Accounting & Settlement have improved, the Electronic Claims File response times and training were seen to be strong issues for brokers. While views are mixed – with only 52 percent of Lloyd’s brokers using the system – 85 percent of Lloyd’s claims specific brokers believe it to have had a positive impact on the market.”

Source: Lloyd’s – www.lloyds.com

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