The vast majority of commercial policyholders have been willing to comply with underwriters’ risk improvements, despite distraction caused by the global pandemic.
New data from risk assessment and assistance specialists RiskSTOP has shown that between 1 April 2020 and 31 March 2021 more than 85% of risk improvement requirements (RIRs) issued to commercial policyholders by insurers following a risk survey were fully complied with.
RiskSTOP assisted policyholders with more than 21,000 of these RIRs over the 12-month period, at a time when two severe waves of Covid-19 infection and disruption emerged.
“I think we all expected compliance rates to fall away because of everything that was going on,” said Lisa Beaton, Operations Manager at RiskSTOP. “However, this was not the case at all, with businesses and organisations continuing to install security systems, make safety improvements and upgrade fire prevention equipment and so on, as specified by their insurers.
“Brokers in particular have been incredibly supportive of our efforts in guiding their clients around risk improvements at such a difficult time for all. For us, it’s about making sure policyholders feel well-informed and positive about helpful risk improvements, rather than misunderstanding and resisting them.”
Customer satisfaction scores over the same 12-month period showed that around 70% of policyholders receiving RIR assistance from RiskSTOP, rated the service as ‘excellent’, with almost all others describing the support they received as ‘above average’.
Lisa added: “Risk management is valued 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 losses in all kinds of ways.”
Find out more about how RiskSTOP assists policyholders to meet their risk improvement requirements here.