As his employees began to arrive and survey the damage, he had no answers for them. After having his policy with the same company for several years and never missing a premium payment, this wasn’t the experience he was expecting. As far as Pete was concerned, he wasn’t working with this company again and he was frustrated that his agent had recommended them.
Insurors Indemnity never wants to deliver this kind of experience to one of our policyholders. Ensuring responsive claims handling is a top priority that is closely monitored. Our claims department contacts the insured, on average, within 1.8 hours of receiving a claim notification and payment is made to the insured within 10.8 days.
In addition to monitoring our responsiveness, Insurors Indemnity wants to make sure that the claims experience meets our policyholders’ expectations. As part of this effort we have begun sending a follow-up email and survey link after a claim has been handled. The survey results are reported to the VP of Claims every month and provide a direct feedback mechanism to guide our claims handling process.
Another metric that is used to measure our level of service is the average renewal retention rate. In keeping with the philosophy, “that business goes where it is invited and stays where is looked after,” tracking the percentage of policyholders that consistently renew with our company is a good indication of how effective Insurors Indemnity is in terms of pricing, product and service. Currently, our average renewal retention rate is 95.2%, indicating very little churn in our book.
To complement this metric, Insurors Indemnity will begin emailing a short survey to policyholders that choose not renew their policy. The responses from this survey will be shared monthly with our VP of P&C Underwriting to provide insights into why policyholders have chosen not renew their policies with Insurors Indemnity.
Ensuring that the customers you place with Insurors Indemnity have an experience that enhances their relationship with you as their agent is a top priority for our team.