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Authorised and regulated by the Financial Services Authority for Insurance Mediation Activities. The Financial Services Authorities Register can be accessed through www.fsa.gov.uk/register/

Published: 29-07-2009

Millions of insurance documents may be wrong!

This is the logical conclusion from the annual IM survey into insurance industry service standards based on our dealings with more than a dozen brokers and thirty insurers over the last twelve months.

The boring bit: Document sample - 150, documents returned for correction - 56 (37%).

Conclusion - unless we`re being picked on, we must assume our sample is reflective of the market as a whole. How many policies and endorsements issued in a year? Exactly. The worrying thing is, until there`s a claim who knows where the errors are? 

Also, measured over a day a week at the beginning of each quarter - an average of 48% of all our actions (emails, phone calls, letters) were of the `chase up` variety.

Conclusion - This percentage hasn`t changed very much in the three years of the survey which confirms our view that the insurance industry isn`t particularly efficient, and also, we do need to get out a bit more!

What next? - All our data has been passed to the Federation of Independent Insurance Risk Managers (FIIRM) for further analysis.