What's Happening?
Gracechurch's latest research indicates that UK insurers have significantly improved their services, as evidenced by a rise in the market average Net Promoter Score (NPS) by seven points since the end of 2024, reaching an index average of +19. This improvement
marks a 39-point increase since the study began in mid-2022. The research involved a representative sample of over 400 brokers across the UK, highlighting enhanced claims handling, communication, and speed of service among insurers.
Why It's Important?
The improvement in service quality among UK insurers is crucial for maintaining competitiveness and customer satisfaction in a rapidly evolving market. Enhanced service offerings can lead to increased customer loyalty and retention, which are vital for insurers facing challenges such as regulatory changes and market volatility. This development may also influence U.S. insurers to adopt similar strategies to improve their service quality and customer engagement, potentially impacting the global insurance industry.
