04 Executive Summary
Key Insights from your 2024 Survey include:
Peer Group Ranking
Overall Ranking (from 29 Markets)
Overall NPS Score (vs Average of -5)
A top 5 position overall in 10 of the 29 Lockton Business Units relevant to Beazley
What is going well?
Financial & Political Risk - Their response times are excellent, they are able to write difficult risks and support key clients.
Power & Renewables - They have appetite for conventional and renewable business, and their speed of response times is great.
Upstream Energy - Their product provision is good, they have quick response times, and are a strong reliable leader.
Belfast - They are great at small PI combined risks online, and they provide excellent technical knowledge.
Dublin - They are Cyber experts.
Commercial Wholesale - They have a good Broker Development Manager who engages well and helps steer enquiries, and their portal is easy to use.
Glasgow - Beazley are easy to deal with and they respond quickly to questions.
Healthcare - The underwriter has looked to build the relationship with Lockton and is very open to booking some time in to really run through a particular risk. This is extremely helpful on some of the more complex placements.
Accident & Health - They provide innovation of new products, and their response times are good.
Casualty NA - They provide very broad coverage.
Casualty ROW - Their Safeguard product is market leading.
Crisis Management - They provide a good product offering and are excellent in the Active Assailant space. They are competitive in their pricing.
Property NA - They are accurate on price and take a commercial approach.
Property ROW - They have a great presence at the Box, and it is easy to track down underwriters and engage with them when needed. They also provide good technical knowledge.
Financial Institutions - They have good wordings and products which they can be very competitive on, as well as providing excellent technical expertise.
Global Cyber & Technology - Beazley have senior decision makers close to the business who are easily accessible. They are able to provide competitive terms.
Management Liabilities - They are able to underwrite high profile and complex risks. They turnaround quotes very quickly.
National PI Misc / Recruitment - Offering an online portal allows for queries and changes to be actioned quickly. They also have low premiums and basic cover, so this is ideal for very small businesses.
Private Clients - Beazley have less exclusions on policies, such as flood and subsidence. They are good negotiators, and easy to trade with.
Professions PI Construction & Property - Their capacity for smaller risks is a strongpoint. They approach client relationships very well on the underwriting and claims side.
Professions PI Healthcare - There is greater engagement in London to work with the Broker to help win business.
Transactional Risks - They are pro-active and have a wide appetite.
Aviation - Stability and cross-selling are strength areas for Beazley, as well as being technically strong.
Marine Cargo - Their client interaction is good; they are always willing to support with meetings and travel etc. They are also technically proficient.
Specie & Fine Art - Their lead underwriter always makes a very quick decision either way, meaning that the service throughout is great.
Areas for Improvement for Beazley?
Financial & Political Risk - It would be good to see a bigger line size.
Power & Renewables - Leading renewables business is something that Beazley could improve on.
Upstream Energy - Beazley should broaden their appetite to include Onshore service contractors. Their response times also need improving.
Belfast - They should improve their online trading platform and be quicker in response.
Dublin - They have a very rigid application process.
Commercial Wholesale - Some of the teams are too segmented and it is tricky to know where to send things.
Glasgow - They should extend their product range.
Healthcare - It would be good if they had a bit more communication on the internal workings of their consortium. They were, until recently, unable to offer a £10m limit and now they are able to via a consortium that is managed by Beazley. There seems to be undue pressure to now move things back to 100% with Beazley and actively pushing off other markets who have previously supported when a £10m limit was not available. A better understanding of the mechanics behind this would help to understand the logic.
Accident & Health - They need to improve their response times.
Casualty NA - Their turnaround times are sometimes quite poor.
Casualty ROW - More regular catchups would be beneficial. It would also be good to add Bodily Injury coverage, as well as have greater synergy with their Liability team.
Crisis Management - Their service levels need improving and more capacity is required.
Property NA - Beazley need to be more flexible. We have previously had to non-renew Beazley a few times on long-term placements due to the lack of commerciality.
Property ROW - Beazley want to write more business but it's not clear how they are going to achieve this whilst being too selective. Big growth targets require radical underwriting.
Financial Institutions - Flexibility on wording (specifically crime coverage) would be beneficial. This hinders doing business with them on a larger pool of risks.
Global Cyber & Technology - It would be helpful if Beazley could respond to each request within a suitable time frame. They should also agree to Lockton wording on occasion.
Management Liabilities –Beazley need better multinational capabilities and their local policies need improving.
National PI Misc / Recruitment - Appetite for miscellaneous and greater flexibility on pricing would be appreciated.
Private Clients - They should review their exclusions and decline a quote if they cannot cover it, rather than excluding numerous perils and applying many endorsements.
Professions PI Construction & Property - Their approach to retention levels needs to be better. Their turnaround times are sometimes quite poor.
Professions PI Healthcare - They need to have better pricing and be more competitive.
Transactional Risks - Their pricing needs improving.
Aviation - They need to have quicker landing on acceptable pricing and be more competitive.
Marine Cargo - Adding another "client focused" underwriter to the Cargo team would be beneficial.
Marine Hull - Their headcount strength should be reviewed. Their scope of coverage needs developing too.
Specie & Fine Art - They need wider appetite in more territories. Their availability at the box is also low.
Through 2025, let’s address these areas for improvement together – and keep building on your many strengths.
Peer Group
