Insurance companies face constant scrutiny when handling claims, and transparency at every step of the process is crucial. Insurance Business of America (IBA) It has recognized the best performance in the industry with the 5 Star Claims Awards 2024, determined by broker votes nationwide.

Brokers evaluated insurers in key performance areas, including:

• Proven experience;
• Transparency and customer service;
• Ease of handling documents and navigating the website;
• Efficiency in managing the adaptation process; And
• Timing of responses and payments.

Selection Process for Insurance Business America’s 2024 5-Star Claims Awards

To identify the leading claims insurers for 2024, the IBA requested feedback from a variety of brokers.

The research team began by surveying various brokerage firms to understand their priorities when it comes to claims. In addition, they interviewed hundreds of brokers across the country, who evaluated the insurance companies they had worked with over the past year.

The comprehensive data collected allowed the IBA team to appropriately evaluate each criterion. The insurance companies that achieved the highest scores in terms of quality, experience and service received the 5-star award in claims insurance.

Featured Winner: Ark Insurance

Notable winners this year include Arch Insurance (Arch), which offers a comprehensive suite of property, casualty and specialty insurance solutions to businesses, professional firms and financial institutions throughout the United States.

The company’s culture is based on collaboration, communication, inclusivity and authenticity, which are core elements of its identity and operational strategy.

“Our willingness to consider unique circumstances and provide innovative solutions that other carriers may not be able to offer,” said Christine Schneider, senior vice president of victim claims at Arch. “Strategic execution of opportunities based on market conditions has also supported Arch’s continued growth.”

A pivotal element of Arch’s success is the new claims system, which supports the company’s goal of empowering employees to contribute value every day.

“We segment claims by type of work and hire staff with experience in these lines. We provide them with additional training and mentoring to ensure continued development of expertise in these lines,” said Brian Christiansen, senior vice president of financial and specialty claims at Arch.

The company is also investing heavily in data analysis and transformation, enhancing its ability to use business intelligence to improve product offerings and improve claims processing.

It continually seeks brokers’ opinions to identify potential improvements in claims service. Over the past year, Arch has conducted an extensive survey to gather insights into the claims experience of brokers.

“Through (brokers’) feedback, we strive to be able to build more trusting, respectful and responsive relationships with all our partners,” Christiansen told IBA.

Learn more about Arch and the rest of this year’s winners by reading on Iba 5 Star Claims 2024 Special Report.