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 6 of the 24 Lockton Business Units relevant to Sompo
What is going well?
Energy Liability – Sompo put down good line sizes and have good capability on primary business.
Power & Renewables – They are flexible and have technical underwriting capabilities.
Upstream Energy – High level of expertise and always a price for everything.
Birmingham – Broad property appetite and supportive on more difficult risks.
London Retail – Good communication and ‘can do’ approach to underwriting. Very flexible and responsive.
Manchester Corporate – Sompo’s appetite is broader than some competitors and they are very supportive.
Financial Institutions – Sompo are very good with clients.
Management liabilities – Good territorial appetite, underwriting knowledge, and response times.
National PI – Impressive turnaround times on Solicitors and strong underwriting team.
Professions PI – Underwriters are empowered and willing to help.
Marine Hull – Sompo are a good lead market for niche risks.
Areas for Improvement for Sompo?
Power & Renewables – Look to be more flexible (CAT), lead more business and reduce decision-making time.
Upstream Energy – Review risks within a lower premium pool and look to provide greater support in tenders.
Belfast – Feedback received around the need to provide better product coverage.
Birmingham – Sompo could still be more aggressive on property lines and broaden their casualty appetite.
London Retail – Sompo should continue to build their global proposition and improve multinational capabilities to enable them to write primary policies.
Manchester Corporate – Suggestion to hire more underwriters to keep up with growth and develop lead and cross-class offerings.
National PI – Sompo should look to broaden appetite and be more open to new business opportunities.
Professions PI – Suggestions for Sompo to be more flexible on new enquiries and better communicate appetite.
Marine Hull – Look to write excess auto at a lower level and improve pricing flexibility.
Through 2025, let’s address these areas for improvement together – and keep building on your many strengths.
Peer Group
