Almost 9 out of every ten commercial policyholders comply with risk improvements if they’re guided along the way, according to the latest data from RiskSTOP.
The risk management specialist's figures showed that in 2022, as many as 88% of insurance risk improvement requirements (RIRs) issued following risk surveys were fully complied with when expert help was available. This represents a 3% increase over 2021.
RiskSTOP’s Risk Management Advisors assisted policyholders with more than 25,600 RIRs in 2022, up by 20% on the previous year.
Customer centric
“There’s a misconception that achieving compliance involves hassling and badgering insurance customers,” said Lisa Beaton, Operations Manager at RiskSTOP.
“At RiskSTOP, we understand that customers rarely respond positively to being chased-up. Our approach is to always ‘go-beyond’ and offer a friendly, helping hand to commercial policyholders as they progress along their compliance journey.”
A study by RiskSTOP several years ago revealed that at most, only around 30% of RIRs are ever completed if no support is provided.
Happy clients
As well as ensuring risks are improved and meet insurer expectations, customer feedback demonstrates that RiskSTOP’s approach also goes down well with clients.
Over the past 12 months, 72% of policyholders receiving RIR assistance rated the service as ‘excellent’, with almost all others describing the support they received as ‘above average’.
Lisa added: “We find brokers and underwriters appreciate the way we approach improving risks. For us, it’s about making sure policyholders feel well-informed and positive about risk improvements, rather than misunderstanding and resisting them.
“Risk management is valued far more when it’s delivered in a customer-centric way. At RiskSTOP, we’re proud to be part of an industry that helps businesses and other organisations stay safe and avoid loss.”
Find out more about how RiskSTOP Risk Improvement Assistance (RIA) helps policyholders meet their risk improvement requirements.