Accreditation becoming a cornerstone of London Market claims

The London insurance market is undergoing significant changes in the accreditation and measurement of claims management as brokers and carriers alike look to enhance service quality and consistency.

Speaking at the inaugural Gracechurch London Claims Social, Managing Director Ben Bolton said the shift the market is witnessing is marked by increased scrutiny and the implementation of standardised metrics to evaluate performance, driven by the need for transparency and efficiency.

“The market is evolving, and with it, the way claims are managed,” Bolton said.

“Accreditation is becoming a cornerstone for ensuring that claims handlers meet the highest standards,” he continued. 

Speaking at the Gracechurch event attended by leading claims professionals from across the London market, Bolton said that one of the critical aspects of this evolution is the introduction of rigorous accreditation processes which are designed to assess the competency and reliability of claims management. 

He said that by setting high benchmarks, the market ensures that only firms that meet stringent criteria can compete, thereby fostering a more trustworthy environment for clients.

“We are seeing a push towards more detailed accreditation processes.”

“This isn’t just about ticking boxes, it’s about making sure that every claims handler is equipped to deliver top-notch service,” Bolton explained. 

Bolton said the measurement of claims management performance is being refined, with traditional methods now being supplemented with new metrics that provide a more comprehensive view of performance. He explained that this includes not just the speed of processing claims but also the quality of service and customer satisfaction.

“The focus is shifting from just looking at how quickly claims are processed to a more rounded view. We need to know how satisfied clients are with the outcome and how well their needs are being met,” Bolton said. 

Bolton suggested that this shift towards more detailed measurement and accreditation is also expected to drive wider innovation in the industry, incentivising carriers and brokers to adopt new technologies that can improve efficiency and service quality. This includes leveraging data analytics and artificial intelligence to streamline claims processes and provide more accurate assessments.

As the London insurance market continues to adapt to these changes, Bolton stressed that emphasis remains on improving the overall client experience. By ensuring that claims departments are both accredited and measured against rigorous standards the market can build greater trust and reliability in its services.

Bolton said the significant strides taken by the market are underpinned by a need for greater transparency and efficiency, but offer the opportunity to enhance the quality of service as well as client satisfaction. 

“This evolution is about ensuring that our claims management processes are not only efficient but also meet the highest standards of quality and reliability,” Bolton concluded. 

Claims service is an increasingly important part of the insurance proposition and a key differentiator in the market. The Gracechurch Claims Monitors help claims leaders in the London and UK markets build superior claims brands by providing critical insight into expectations and service delivery, from the perspective of the claims broker.

The latest Q2 London Market Report reveals that claims service, as measured by Net Promoter Score (NPS), decreased one point this quarter, after a period of continuous improvement since the end of 2021. And while overall service levels remain near record highs, there remains a significant disparity in service quality between the top and bottom performers. 

For more information on the research, contact Rebecca Yuska.