In this report we are pleased to share with you the results from our schedule of values processing survey.
Overall, 87 professionals involved with schedule of values processing took part in the survey.
Our participants included underwriters, catastrophe modellers and exposure managers from a range of global insurance companies.
In the survey we asked the participants to rank their satisfaction levels with their current schedule of values experiences based on the following criteria:
At the end of the survey we also asked an open ended question on the changes participants would like to see for the schedule of values cleansing process in their respective class.
Only 15% of participants either gave 9/10 or 10/10 for how satisfied they are with their overall service for schedule of values processing.
On average underwriters gave a 6/10 for their overall level of satisfaction, compared to catastrophe modellers and exposures managers who on average gave 7/10.
Many of the participants gave 5/10 and above on how satisfied they are with how often their schedule of values service level agreements are met.
“Many participants gave 5/10 and above on how satisfied they are with how often their schedule of values service level agreements are met.”
Chris Rafferty | Global Markets P&C Hub
Underwriters were less satisfied compared to exposure managers and catastrophe modellers.
Data standards was highlighted as the main barrier to a successful schedule of values process, followed by resources and process standards.
Participants could select more than one option for this question.
Towards the end of the survey, we asked what changes in schedule of values processing participants would like to see in their respective class. The consistent themes were:
The key findings highlight a clear desire to adhere to data standards, however this standard can currently differ extremely across the market. And while most respondents have an internal standard to which they aim to process their data, the ability of data processors to adhere consistently to that standard is inhibited by the quality of data available.
The importance of the data standards is impeded by the fact it was identified as being the main barrier to successful processing of schedule of values.
The volume of schedules processed is such that hours of rework is necessary to adhere to different internal standards as schedules pass from insured, to insurer to reinsurer.
There is an incredibly inefficient use of the market’s collective time.
Cleansing a schedule once and being able to use it many times throughout the process would massively increase efficiency and minimise introduction of errors.
The survey results highlight the potential benefits of introducing an industry standard including:
Please download the report to view the full survey findings.
We hope you find this report insightful and please do not hesitate to contact us for any further information.
