NEW YORK – April 27, 2015 – Advisen Ltd. today announced the findings of the 2015 Claims Satisfaction Survey. The goal of the survey was to identify the carriers and TPAs that provide the highest quality claims services based upon a variety of claims handling “best practices”.
Input from 544 risk managers and brokers revealed Chubb, Travelers, AIG and ACE as some of the highest rated carriers.
The survey also identified claims services and processes that insureds value most as well as areas where carriers and TPAs need to improve.
Results showed that complaints about the lack of clarity in the claim submission process, insufficient local authority to settle large claims, delays, and friction in the BI claim settlement process were top of mind in property claims.
For primary casualty, a lack of understanding of industry and business practices, a lack of creative or aggressive approaches to defense, and misinterpretation of coverage were the dominant areas of concern.
Survey participants had the fewest complaints about how professional and management liability claims are handled, but many stated a desire for more knowledgeable adjusters, policies that allow assignment of counsel, and comprehensive investigations before making coverage determinations.
Advisen co-founder and President of the Research & Editorial Division, David Bradford stated, “At its core, an insurance policy is little more than a promise to pay claims. This study provides valuable insight into how well insurers are fulfilling that promise. This is enormously valuable information for brokers as they advise their clients, and for risk managers who are interacting with carrier claims departments and TPAs.”
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