Five London insurers awarded underwriting service quality marque
London-based insurers Arch Insurance, Canopius, Convex, The Hartford and Tokio Marine Kiln have all been awarded the underwriting service quality marque (SQM) by insurance research consultancy Gracechurch. The insurers achieved the 2024 SQM for outstanding underwriting performance in the London Market throughout 2023.
“These insurers are all strongly recommended by producing and placing brokers in London and consistently highly rated for two service-oriented metrics: collaboration and customer focus. All exceeded the threshold of at least 80% positive ratings over the previous year, meaning that brokers (and insureds) can expect to receive a good experience,” said Gracechurch.
Ben Bolton, managing director of Gracechurch, said: “Our data tells us that London brokers are using more carriers this year, as a result both of opportunity in the business cycle and the emergence of a ‘new breed’ of agile service-focused insurer. These new players have low legacy and are focused on out servicing the established competitors.”
The underwriting SQM is based directly on data from the London Insurers Monitor (LIM), which is now in its 20th year, and conducted among placing and producing brokers operating in the London Market. Gracechurch said its most recent LIM shows that underwriter service has improved overall in the London Market throughout 2023.
The research also shows that claims are becoming more important to the sales proposition, but there is a lack of agreement between placing and claims broking teams regarding who are the best claims providers.
Gracechurch has also awarded its inaugural underwriting SQM for outstanding underwriting performance in the UK regional market throughout 2023 to Arch and Allianz Commercial. Both were strongly recommended by producing and placing brokers in the UK regional market, and consistently highly rated for two service-oriented metrics: collaboration and customer focus.
Bolton said: “Insurer service in the UK regional market continues to improve steadily, which is good news overall. However, too many carriers still struggle to service their brokers consistently well, and a wide gulf exists between the best and worst. Insurers at the top of our ranking table are responsive and collaborative; we would like to see more insurers focus on speed, consistency and broker competitiveness.”
Gracechurch also awards an annual claims SQM. The insurers who achieved the 2024 London claims SQM in January are: Aegis London, Beazley, Chaucer, Chubb, Convex, HDI Global Specialty, Liberty Specialty Markets, Markel, MS Amlin and Tokio Marine Kiln.
