Specialist insurer Beazley has released a report highlighting an increase in the rising level of expectations clients have of their insurance partners.
Beazley’s findings are based on research involving 1,000 senior executives and insurance buyers in the US and UK, from across 10 industry sectors.
The report says homogenised policies and a reliable claims service are now not enough to satisfy commercial insurance buyers.
Balance sheet strength, a solid reputation and a smooth claims handling process are playing an increasingly important role.
Beazley highlights how today’s businesses want insurance partners to demonstrate solid understanding of their operations and the risks they face, and for insurers and brokers to add value through risk management tools, insights, services and flexible cover that better meets their changing needs.
However, almost half of those surveyed said their trust in insurance has increased since the start of the pandemic, but only 54% believe that insurance is meeting their businesses’ challenges very well.
“While it is encouraging that trust in insurance has increased since the start of the pandemic, it is a concern that only about half of our survey’s respondents feel that the insurance industry is meeting their needs very well,” Lou Ann Layton, Beazley’s Head of Broker Relations and Marketing.
“Our report highlights that it is time for a service rethink. No longer can the industry take a one-size-fits-all approach; instead clients want a more nuanced, tailored and responsive service.
“To deliver what they want will require us to strengthen our relationships and improve communication with clients.
“Only by listening to them and demonstrating our expertise and insight into how they can better manage their specific, sector-based risks can we build our reputation as trusted risk partners delivering a valued service.”
Bethany Greenwood, Head of Cyber & Executive Risk and Interim Co-Chief Underwriting Officer at Beazley, added, “This report provides detailed insights into how our industry can work with and better support clients at a time of significant change.
“Digital technology is more and more entrenched in insurance operations and distribution, unleashing huge potential for service improvement and efficiency.”