Speciality Insurer Case Study

Client: A leading global specialty Insurer

A recent example that demonstrates our ability to work with clients to improve the claims handling and customer journey is detailed below. This initiative resulted in Davies Group winning the prestigious ‘Customer Care Award’ at the Post Magazine Claims Awards.

Business challenges:

  • Loss ratios were running at between 150% to 170%
  • Customer satisfaction rates were at rock bottom with complaint ratios exceeding 10%
  • Standard claims were taking up to six months to settle

Solution:

  • Experts with real sector expertise were identified and appointed where appropriate to replace the use of loss adjusters and network repairers. This led to greater customer confidence whilst improving the speed at which claims were settled;
  • A new tailored service level agreement was adopted. At the heart of this was a weekly “Health Check” call to every claimant to inform them about the progress of their claim;
  • Deployment of the Davies mantra, “What is important to you?” This entailed asking every claimant about their specific needs at every touch point and responding appropriately. For an elderly customer this could mean repairing heating as a priority, or for families who needed to do online shopping it could be making sure internet connectivity was available;
  • Employing claims staff within coverholder PHA offices to provide an enhanced and front line claims capability. The Davies claims staff were placed on an on-going training programme which included a half yearly visit to a park home manufacturer. Here they witnessed the manufacturing process in action, which would help them when assessing a claim;
  • Monthly review meetings between Davies and the client to monitor output and agree any changes in approach.

Business impact:

  • Customer service levels are now flourishing and feedback is being achieved through customer questionnaires at various touch points of the claim, monitored by Service Tick;
  • Customer complaints ratios are now less than 1%;
  • The account is now achieving a Net Promoter Score of between 65 and 72 on a monthly basis;
  • Loss ratio are now running at profitable levels without the need to increase premium costs;
  • Reduced average settlement times of 60 days now being achieved;
  • Brand reputation of all three companies has been enhanced within the park home market with PHA winning more business and being able to confidently diversify into other products in the same sector.

Business impact:

  • Customer service levels are now flourishing and feedback is being achieved through customer questionnaires at various touch points of the claim, monitored by Service Tick;
  • Customer complaints ratios are now less than 1%;
  • The account is now achieving a Net Promoter Score of between 65 and 72 on a monthly basis;
  • Loss ratio are now running at profitable levels without the need to increase premium costs;
  • Reduced average settlement times of 60 days now being achieved;
  • Brand reputation of all three companies has been enhanced within the park home market with PHA winning more business and being able to confidently diversify into other products in the same sector.