Professions PI Solicitors & Accountants

Out of 7 responses

Peer Group Ranking

Overall Ranking (Out of 18 Markets)

Net Promoter Score

An NPS answers the question, "how likely are you to recommend this product or service to a colleague, peer, or friend?' Respondents answer the question on a scale of 0 – 10, 0 meaning they are not at all likely to recommend the product or service and 10 meaning they are extremely likely to recommend the product or service.

14

NPS score

Average NPS score (overall)

Lockton ranked the following KPIs as most important to them

1

Easy to do Business With (Good Communication, Turnaround times, Access to Decision Makers)

2

Flexibility (Terms, Pricing, Wordings)

3

Relationship Strength (With UW's / Decision Makers)

KPI Scores

Feedback from our Associates

What you do better than your peers

  • They are very responsive.
  • AIG have aggressive pricing.
  • AIG's communication is a strength, even if there is going to be a delay in sign off or something similar, the underwriters will always reply to emails / phone calls.
  • They have aggressive pricing.
  • Their appetite to win business is noticeable.
  • They offer multi-line solutions.

Elements you could improve on to better trade with our Lockton team

  • Their appetite can change more than other insurers during difficult market conditions - this provides question marks on their long-term stability. Also, they have a lot of staff turnover which is not helpful. This might be because they are viewed as relatively low payers.
  • Individual underwriters could have more authority.
  • They should look at a more diverse portfolio.
  • Their appetite could be broadened.

Our team’s thoughts on what makes insurers they trade with ‘Best in Class’

  • Speed of response, knowledge of the class and flexibility.
  • Responsiveness, they are client-aware and flexible.
  • Their reputation, knowledge and strength of relationships with us.
  • Actively looking for reasons to write a risk and help where they can rather than just decline it outright. Turnaround times and friendly underwriters that you can have a conversation with.
  • Responsiveness and communication.
  • Technical expertise, additional services such as risk management, commercial approach to pricing/wording and excellent claims service.
  • Our market (Solicitors PI Insurance) is very standard in terms of policy wordings, so breadth of coverage is not a big consideration for us. Due to having 2 main renewal dates, our main priority is having insurers who are responsive, provide quotes in a timely manner and react to competitor quotes where appropriate. Having access to the decision makers, and having those decision makers respond to phone calls and emails is really what sets certain insurers apart from others and encourages us to do more business with them.
  • Knowledgeable underwriters and good quality claims service.
  • They have senior level engagement, are prepared to negotiate and have good quality claims service.
  • Empowered underwriters.
  • They have an understanding of our risks, are flexible on pricing and a good service.
  • Knowledge, appetite and coverage.
  • Ability to come and look for ways of writing risks, rather than declining due to not fitting appetite.
  • Quality of service.
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