From the May 2, 2011 issue of National Underwriter Property & Casualty • Subscribe!

Most Risk Managers ‘Satisfied’ With Insurers—With Some Exceptions

Buyers air their opinions about what they like most—and least—about their carriers

The majority of risk managers surveyed, 53.7 percent, say they are “very satisfied” with their insurers in a survey of 364 insurance buyers by the Flaspöhler Research Group, in partnership with NU.

Of those surveyed, 38.7 percent say they are “somewhat satisfied,” 5.9 percent are “neither satisfied nor dissatisfied,” and 1.7 percent are “somewhat dissatisfied.” None say they are “very dissatisfied.”

Risk managers who say their relationships with insurers are improving: 152. Here are some of their reasons, as given during interviews for the survey:

  • “Insurers are understanding our business more and reducing premiums as they understand the risk.”
  • “Better communication, responsiveness, improved claims handling, more competitive rates.”
  • “As they get more comfortable with the risk, we can negotiate better terms, conditions and pricing.”
  • “Claims are easier to settle since they agree to use claims people of our choice.”
  • “They have stuck with us through difficult situations and found common ground on program terms and conditions.”
  • “Increased dialogue about risks and not just at renewal.”

ROOM FOR IMPROVEMENT

Eleven risk managers say their insurer relationships are declining. Here are some of those responses:

  • “The larger the claim, the better the chances the insurer will deny for any reason.”
  • “Insurers re-invent themselves continually. Underwriters have no authority; there is little logic associated with decisions.”
  • “Service has taken a few steps backward, which I believe is a product of lower premiums (rates and base).”
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