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.
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 oureasy access to decision-makers,market competitive pricing, andflexible collateral options. Other respondents recognized ORRM’sflexibility in customizing solutions,the positive evolution of the relationship, andthe 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.
We asked respondents to identify the most frustrating aspects of commercial insurance. Below is a graph of the top six responses.
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 ofPolicy IssuanceandContract 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 seeClaimsas a top concern for risk managers. Another item of note is insureds’ continuing struggle with industryPersonnel TurnoverandMarket Cycles.
Survey respondents also identified their most pressing workers’ compensation issues in the coming years.
Not surprisingly,Controlling Claims Coststakes the top spot. Insurers and brokers would be well served to provide meaningful help in this area to their clients with loss-sensitive programs. TheAging Workforceis 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 thanLitigation Exposures.
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.