RIMS releases 99 Quality Scorecard

The New York-based Risk and Insurance Management Society (RIMS) released its second annual Quality Scorecard which polled 1,259 risk managers rating the service of brokers, carriers and third-party administrators (TPA). The overall performances were similar to that of last year, with brokers rising by a single satisfaction point to 74 out of a 100 while carriers and reinsurers stayed at a lowly 67. Third-party administrators moved two steps up this year to 66 out of 100.

While many of the individual company scores were similar to last year, there were some surprising revelations. Among the lowest rated of insurers were Lloyd’s at 62 and AIG at 61. Lloyd’s customers were particularly disappointed with the insurer, scoring the company below 40 in three different categories — training and education of insureds, timely delivery of policies and in availability of insurance and non-insurance offerings.

Risk managers want their service providers to more proactively create programs and service offerings, the survey reveals. Insurers, brokers and third party administrators scored worst in identifying customer needs, creating solutions and providing expertise.