Greenwich Associates has released the business insurance industry’s first third-party, objective index of carrier quality.
The Greenwich Carrier Quality Index (CQI) was developed in response to industry demands for a reliable ranking of business insurance carrier quality based on a broad survey of insured accounts, as opposed to the perceptions of individual brokers or clients. It will be published on an annual basis, with the next installment due for release in early 2007.
“We are seeing companies of all sizes becoming much more actively involved in insurance buying decisions,” says Bill Bruno, a consultant at Greenwich Associates. “As a result of the Spitzer investigations, service quality has become an important issue for insurance buyers. Companies are asking themselves: How can I learn more about the reasons for my broker’s recommendations? Do I have the right carrier for my needs? Am I getting the best or most appropriate price?”
The Greenwich Carrier Quality Index will help companies answer these questions by providing clear and unbiased quality benchmarks based solely on the experiences of a broad universe of insured companies.
“We expect that the CQI will, over time, contribute to an improvement in overall quality levels throughout the industry,” adds David Fox, a consultant at Greenwich Associates. “The insurance industry will improve its service as carriers better understand their own strengths and weaknesses. This new Index will communicate exactly this information to carriers and brokers in an entirely objective manner.”