Client Survey: The Results Are In

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In 2016, Old Republic Risk Management (ORRM) conducted its first-ever independent client survey. Since the survey’s close, we’ve spent the past few months studying its intriguing results.
In this blog post, I’d like to share with you what we’ve learned, as well as tell you a little about
how we plan to put our new-found industry knowledge to work for you and your business.

Fantastic Feedback

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But first, I’d like to take a moment to “blow our own horn.” Our survey included a client satisfaction section and I’m proud to report that these results were overwhelmingly positive. 99% of our respondents indicated that ORRM has met or exceeded their client service expectations. Respondents noted our easy access to decision-makers, market competitive pricing, and flexible collateral options. Other respondents recognized ORRM’s flexibility in customizing solutions, the positive evolution of the relationship, and the value provided to the insured.

As I said, we’re proud of these results and we’re committed to continuing to provide all our clients the high levels of service and value that you’ve come to expect from ORRM. But enough about us… let’s take a look at some of the industry insights our survey has produced.

 

Commercial Insurance

We asked respondents to identify the most frustrating aspects of commercial insurance. Below is a graph of the top six responses.

Survey_Commercial Insurance

It’s interesting to note that, after all the efforts by the brokerage community to address the insurance issues raised following the 9/11 tragedy, the industry still has a great deal of work to do in the area of Policy Issuance and Contract Certainty. Also, given that claims typically represent 60-70% of insurance rates and can easily reach that level of an entity’s Total Cost of Risk, we’re not surprised to see Claims as a top concern for risk managers. Another item of note is insureds’ continuing struggle with industry Personnel Turnover and Market Cycles.

 

Workers’ Compensation

Survey respondents also identified their most pressing workers’ compensation issues in the coming years.

Survey_Workers' Compensation

Not surprisingly, Controlling Claims Costs takes the top spot. Insurers and brokers would be well served to provide meaningful help in this area to their clients with loss-sensitive programs. The Aging Workforce is a challenge faced by many industries and commercial insurance is no exception. It is imperative we find ways to attract, engage, and retain younger staff associates. And finally, given all of the attention to Return-to-Work programs over the years, we’re surprised to see that issue receive a higher rating than Litigation Exposures.

 

Take Aways

This review of our survey results provides a clear message from our clients: the need for help in mitigating claim costs is real. At ORRM, you can be assured that we’ve taken that message to heart. Our intent going forward is to use the industry insights that your survey responses have provided to strengthen our product and service offerings.

Thank you to all who completed our survey!

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