Time for a service rethink: Beazley research

A new report from Beazley has highlighted that clients’ service expectations of their insurance partners are increasing. In addition to financial protection, they are looking to their insurance partners to provide them with more risk insight, risk management-related services and flexible coverage that better meets their business’ changing needs.

The findings are based on research commissioned by Beazley involving 1,000 senior executives and insurance buyers in the US and UK, from across 10 different industry sectors, plus additional insight from in-depth interviews with a panel of seasoned risk and insurance industry experts. The report confirms today’s businesses want insurance partners to demonstrate solid understanding of their operations and the risks they face, and for insurers and brokers to add value through risk management tools, insights, services and flexible coverage that better meets their changing needs.

However, almost half (48 percent) of those surveyed said their trust in insurance has increased since the start of the pandemic, but only 54 percent believe that insurance is meeting their businesses’ challenges very well.

The report examines how COVID-19 has shaped business leaders’ expectations of insurance and their insurer partners, and explores ways in which the insurance industry can respond and adapt to better meet clients’ expectations.