Reflecting on 2023

As the year is coming to a close, we’d like to reflect on a few exciting things that have happened in 2023.

We started the year by saying goodbye to our Leadenhall Street premises and moving to new offices in Bevis Marks.

In May, we achieved renewal of our Chartered Insurance Underwriting Agents status recognising Lorega’s commitment to technical competence, professional standards, best practice and good customer outcomes. The Chartered title enables Lorega to demonstrate its specialist knowledge and experience to its broker partners and policyholders and shows that the business upholds values that align with a professional code of ethics.

May also saw us in Manchester where we met many of our broker friends at the annual BIBA Conference, where we exhibited as the official scheme provider for Loss Recovery Insurance and After the Event claims services.

We have and will continue to invest in our systems capability, making the process of binding cover and reporting claims online as simple and streamlined as possible. This past year we also completed our plan to meet the new Consumer Duty standards and conducted a review of our products to ensure we continue to offer value and clarity to our policyholders. We know brokers enjoy and learn from our webinars and training sessions and we will continue to offer these, covering the features and benefits of our products, as well as technical claims topics.

We recruited new Chartered Loss Adjusters to further strengthen our claims service delivery team. And thanks to our Lorega Solutions team, we assisted many customers with difficult and complex claims, particularly during the storms and flooding. Our broker partners and policyholders saw the benefits of Loss Recovery Insurance in action delivering a continued 95% customer satisfaction during this year and across surge events.

These achievements and efforts culminated in September when Lorega achieved a five-star rating in the Insurance Times MGA Survey for four consecutive years in the MGA Survey and seven consecutive years in total in the Broker Service Surveys. We are delighted with this achievement. Service is at the heart of everything we do, and we strive to consistently deliver the highest levels of support to our brokers by providing a fast response to underwriting queries, relevant and engaging product training sessions, and the best possible claims support when the unexpected happens to their customers.

Finally, over the last few months, colleagues have setup a charity fundraising initiative to collect much needed money to help find a cure for Motor Neurone Disease. Nicky’s Book Shop is selling second-hand books in the office and has already raised £5,100, well on our way to our £7,500 target. If you’d like to read more about this initiative, check out our Just Giving Page!

All of us at Lorega would like to take this opportunity to say thank you to you all for working with us in 2023. Helping you to look after your clients, when they need it most, is what we are here for, and our service will continue to be on standby throughout the Christmas period.

We hope you have a fantastic time over the holiday, and we look forward to continuing to support you next year.

With very best wishes,

Neill Johnstone

MD, Lorega Ltd.