By: 26 October 2023
Gracechurch-BIBA survey reveals improvements in insurance service

The latest Gracechurch-BIBA survey has shown that insurance service has improved, but there is still room for progress.  

The results of the Gracechurch-BIBA UK insurers monitor shows that the average Net Promoter Score (NPS) is up by nine points since January. It is up 16 points since mid-2022, showing gradual improvement.  

Despite this improvement, the overall NPS is still at minus four, indicating room for further improvement.  

Graeme Trudgill, BIBA CEO, said: “We are really pleased to see objective evidence of positive progress on service and hope that the pace of improvement continues, especially because we are all working in a challenging economic environment where poor service can erode trust.” 

Gracechurch MD, Ben Bolton, commented: “When we started the study in mid 2022 insurer scores were pretty low across the board and only one insurer was in positive NPS territory. However, in the last 7-8 months we have seen several insurers’ service levels pick up strongly, sufficient to move the overall market performance in a positive direction.” 

There are six insurers with scores of –22 or less, meaning a widening gap between the best and worst performers. This causes frustration for brokers trying to deliver consistent service to customers.  

Bolton added: “There is no doubt that staffing challenges remain, but they have eased, and the sector now needs to move forward, especially because the new Consumer Duty regulation has come into force with a strong focus on customer outcomes.” 

Around seven in ten brokers now use ETrading technology daily. While there are still some unresolved issues, brokers are optimistic that this technology can enhance their efficiency in providing product quotes. Consequently, allowing more time to focus on the customer.  

 

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Emma Cockings
Emma is a content editor for Claims Media.