Gracechurch/FINEOS Survey: London Market Claims Processes Failed by Complexity and Customer Disconnect

  • Key findings of survey of over 80 senior claims decision-makers

DUBLIN--()--In a new study released today, Gracechurch Consulting, the leading provider of research and strategic consultancy services to the insurance industry and FINEOS, the global market leader in claims software solutions, identified over complicated process and lack of direct connection with the customer as the major forces against achieving the future ideal of a customer driven claims process. The London Market brand and its claims expertise are seen as significant assets, however.

The study was undertaken at the 2013 FINEOS London Market Claims Summit, hosted at Lord’s Cricket ground on 21 November. In an interactive session at the conference, Gracechurch facilitated an exercise to identify the key factors that will work for or against ‘London market insurers achieving a strong client-centric proposition in the next 5 years' (the client in this regard refers to the individual/company that purchases the policy). There were over 50 senior claims people present at the conference and the exercise achieved a strong consensus around a set of twelve factors. Following the Summit, claims professionals from the wider London Insurance community were surveyed and asked to score each of the factors and comment on the issues. In total over 80 senior claims decision-makers were involved in the process.

Ben Bolton CEO of Gracechurch said, “The good news is that overall claims executives in London are more optimistic than pessimistic in terms of the chances of successfully delivering a truly customer-focused service. The overarching message, however, is that London will really have to get a grip on simplifying the claims process and creating clear lines of communication with the end insured.

“If it doesn’t, then London will be in danger of losing out to the competition, looking archaic and seriously out-of-step with modern customer-focused business practice.” The Survey used the “ForceField” methodology to identify the key issues and then score them according to how each factor helps or hinders the market in terms of its aim to be world class.

Commenting on the Survey, Michael Kelly, CEO FINEOS said, “The London Market is increasingly under pressure to compete on ease of access and speed of claims settlement. The Survey shows how customer requirements are evolving faster than ever and how London Market insurers will need solutions to continuously improve the service they deliver”.

About Gracechurch

Gracechurch Consulting has been conducting independent benchmarking studies in the commercial insurance markets for more than a decade, and has developed a series of metrics centering upon reputation and service by which to define and measure performance of individual players. Gracechurch works with insurance teams to provide insight into performance, actionable solutions to drive forward service performance and inspiration to develop competitive edge. We give our clients a deeper understanding of their market and of what their customers need, so they can drive change through their teams and ultimately deliver the service, standards and results they want. For more information please visit: www.gracechurchconsulting.co.uk

About FINEOS Corporation

FINEOS is a market leading provider of core software solutions for the London Market. Our flagship product, FINEOS Claims, is the insurance industry’s best-in-class solution for all Life, Disability, Property & Casualty, and Government Insurance. Established in 1993, the company delivers innovative solutions to a global market and has customers, employees and established bases in North America, Europe, Africa and the Asia Pacific markets. For more information, visit www.FINEOS.com

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Contacts

FINEOS Corporation
Susanne Ryan
Vice President Marketing
+ 353 1 639 9918
susanne.ryan@FINEOS.com

Factors for and against achieving a strong client-centric proposition in the next five years.(Graphic: Business Wire)

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Contacts

FINEOS Corporation
Susanne Ryan
Vice President Marketing
+ 353 1 639 9918
susanne.ryan@FINEOS.com