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That was quick: Survey ranks #insurers’ claims settlement speed,some are not so quick!

By 5th April 2018No Comments
​With several factors playing a role in how long it takes insurers to come up with a claims decision, the experience can be like watching paint dry for some policyholders. So it’s interesting to see who among the providers in the UK has stepped up the game in this department, and Which? has the lowdown.

For car insurance, Which? surveyed nearly 2,000 people in January to find out about their recent claims – NFU Mutual coming out on top in terms of speed, with 80% of its customers saying the insurer has been quick in releasing settlement decisions. The survey showed that in 60% of NFU Mutual claims, decisions come within a week.     

RSA and Aviva ranked number two and three, respectively, with 77% of RSA’s motor insurance policyholders recognising its quickness while Aviva got 75%.   

When it comes to home insurance – based on responses from more than 1,300 claimants – emerging as the top three were Lloyds Bank (81%), NFU Mutual (73%), and Halifax (69%). According to the survey, 71% of Lloyds Bank customers receive a settlement decision no longer than a week’s time.    

Which? also found that 20% of car insurance claimants had to wait for over a month for the settlement decisions in their recent claims, while 16% of home insurance customers had the same experience. In addition, the process took more than three months for 8% of motorists and for 5% of customers with home insurance claims.

Tim Kelly

Tim is a highly qualified Independent Engineer with over 20 years experience as an Engineering Assessor of damaged vehicles.

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