SMEs not satisfied with insurers’ claims services
Despite a growing appetite in small and medium-sized enterprise (SME) insurance products there remains a clear gap between the experiences and expectations of SMEs in the UK when it comes to making a commercial insurance claim, according to a survey of SME insurance customers, commissioned by UK MGA Lorega.
Nearly 70 percent of SMEs said interim and final claims amounts have not been agreed promptly, and 6 out 10 SMEs received no advice on loss mitigation as part of the claims process, according to the survey. Only 16 percent of businesses had a loss adjuster visit within 24 hours of reporting a claim and close to 60 percent of SMEs had no regular communication from their insurer on claim progress.
“While the development and distribution of insurance products for SMEs continues to evolve, our survey indicates there remain challenges in the servicing and support available when SMEs call on the policy in the event of a claim,” said Neill Johnstone, managing director of Lorega.
“It’s clear that the industry needs to take a more holistic approach to supporting SMEs who suffer claims of £5,000 and over, developing covers that include a responsive claims services with access to professional support and expertise, to ensure the trading and financial impact on SMEs is kept to a minimum.”
The survey included 250 SME business owners between and took place between April 19 and April 24, 2017.
Get the days re/insurance news - Sign up to our free daily email newsletters
Today’s stories
Global insurance M&A hits two-year low
Willis posts Q2 profit drop on restructuring, integration costs
Swiss Re reinsurance CFO suggests solution to onerous disclosure requirements
Chubb appoints UK and Ireland head of professional indemnity
