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April 15, 2024
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Risk managers want quality claim service according to a recent survey conducted by Chubb Group of Insurance Companies. The survey, released April 15, was compiled from 400 risk managers who answered 25 questions over the Internet.

Seventy-six percent of respondents said claim service was a major or significant factor in their selection of a new property/casualty insurer. Seventy percent rated claim service as highly important in their decision. And 36 percent said they have ended a relationship with an insurer due to poor claim service.

The most important factors of claim service influencing a risk manager’s buying decision, according to the survey, were fairness of claim resolution, speed of response and speed of claim payment.

The “Chubb Claim Service Survey: Influencing the Insurance Purchase” also showed that an insurer’s financial stability does not guarantee a high quality of claim service.

“Since September 11th, many risk managers are placing greater importance on the financial strength of their insurance carrier,” said Mark Korsgaard, senior vice president and worldwide casualty claim manager, Chubb & Son, Warren, NJ. “What these professionals also need to recognize is that although an insurer’s ability to pay is clearly linked to its financial strength, the quality of its claim service has much more to do with issues such as fairness and speed of payment. Those insurance companies that are financially strong and demonstrate the claim service attributes risk management professionals value most have the competitive edge.”