CEO, Donna Richards, speaks to Modern Insurance Magazine

Our CEO, Donna Richards, recently spoke to Modern Insurance Magazine about reclaiming stability in the UK insurance industry.

"The UK insurance industry, specifically motor, is starting to see levels of claims frequency stabilise. This follows years of instability, made worse by enduring high levels of inflation and issues in key areas of the supply chain.

It has been over three years since the whiplash reforms and the introduction of the OICP. As such, the lifecycles of injury claims should have levelled out to a new norm, with the benefits delivered to customers as promised. However, this is far from the case. Claims during the first three-year period have taken much longer to resolve than those submitted under the old portal, with claimants from the early years still severely impacted. We strive to provide the best customer service we can, and the fact is, even with A2A integration with the OICP, lifecycles are still extended. Naturally, this impacts customer experience. 

These reforms should have been a good news story for consumers. However, coupled with inflationary pressures, the legacy of problems in the supply chain has left premiums at significantly higher levels than pre-pandemic and pre-reforms, resulting in negativity when it comes to public perception.

Nevertheless, our success starts and ends with our customers. We must pre-empt and adapt to their changing expectations and behaviours, particularly where there is a lack of understanding around the claims process. In addition, we now live in an increasingly fast and digitised world. People expect instant responses and immediate solutions in this digital generation. 

To complicate things further, we know that this doesn’t necessarily mean that people want a fully digital claims journey. Customers, at a point that suits them, still want to speak to real people. Given the fact that there is no ‘one size fits all’ approach when it comes to customer service excellence, this can make technical innovation rather complex. 

There is certainly a need for omni-channel choice. Technology and process driven is great, but this approach is not for everybody. We have to listen to our customers, and failure to do so will come at a cost. If somebody doesn’t receive the service or outcome that they want, this can lead to reputational damage and escalation on social media, press and consumer bodies. 

Concerns surrounding customer service issues are widespread and increasing; they were even flagged by the new Government during the recent election campaign. As such, it should come as no surprise that the attention of the regulators will be well and truly looking in the direction of the insurance and claims sector through the months and years ahead."

Credit: Modern Insurance Magazine