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Markel Insurances

05 Mar 2020

How we achieved our five-star rating for policy documentation

You’ll have no doubt already heard the fantastic news that we both retained our maximum five-rating in the ‘Insurance Times five-star rating report Commercial Lines 2019/2020’ and also took the coveted number one spot.

Insurance Times has conducted its annual Broker Service Survey (BSS) for 14 years, investigating brokers’ opinions, attitudes and satisfaction levels towards the services they receive from their insurance partners. The survey focuses on five service factors, with brokers rating their insurance partners across five categories:

  • Claims: Fairness of settlement and speed
  • Policy documentation: Accuracy and transparency
  • Quality of cover
  • Relationship handling and management
  • Underwriting: Expertise, flexibility and support

Although we were one of three to achieve the maximum five-star rating, we were the only insurer to achieve five stars across all five of the categories. With one of them being policy documentation, we’ve looked into how we delivered a five-star rating in this category.

Firstly, we believe that documentation should be written in plain English and free of insurance jargon. This is so our policies are easier for our customers to understand – everything from our contacts to our claims and complaints processes are written so there are no areas that could be seen as ambiguous.

We’ve also made our policy wordings more dynamic, meaning customers only get the insurance clauses that they’ve purchased, rather than the full set of clauses that are applicable to the product – again, to avoid confusion.   

These things not only make the documentation easy for the customer to understand, but it also helps brokers with less to read so they can quickly reference the documents due to it being more straightforward. This means it’s quicker for brokers to see if the product will work for the customer.

We’re extremely proud that the efforts we have made to make our policy documentation more accurate and transparent have resulted in a five-star rating.

To learn more about our five-star rated policy documentation service or why brokers voted us their #1 insurer, please get in touch.

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Talk to us...

Kate Bootham
Kate BoothamHead of Business Development - North0330 127 7290
Michael Petchey
Michael PetcheyHead of Business Development - South03301 347 233
Next article in series

05 Mar 2020

How we achieved our five-star rating for relationship handling and management

Customer service and customer experience have long been an important competitive differentiator in the insurance industry. To establish a successful relationship between insurers and brokers, we must focus on meeting what they want and need during each phase of their dealings with us.