The main reason we purchase insurance is to ensure our assets, business, staff and profit are protected should we suffer a loss following an insured event. Ensuring we have the correct level of cover in place is vital if we are to be certain no nasty shocks are waiting in store when it comes to making a claim. The insurance industry is changing. Most changes are positive and customer focussed, however the drive for reducing costs and maximising efficiency (especially in the claims sector) is something customers need to be aware of. Gone are the days when insurance companies used to view a claim as an opportunity to prove their value to their customers. There are some exceptions - and it pays to know who they are! - however many insurers are now more interested in ensuring claims are settled for the lowest possible amount. The whole claims process, including the appointment of loss adjusters for smaller claims, now works with this aim in mind. This process does make claims resolution faster, but there are downsides as well. You may have seen the recent furore over the claims team which was getting large bonuses for minimizing payments to asbestos related claimants. This culture needs to change and your insurance broker has a key role to play in this process. A lot of insurance brokers have also got caught up in the drive for reducing costs. A significant number have done away with claims staff altogether and now pass clients claims directly on to the insurer concerned. There are still organisations out there such as Higos Insurance Services - that put customer service at the top of their strategy. A broker who provides an expert, experienced and independent claims team, prepared to fight to ensure their clients get prompt and full claims resolution should feature prominently on your insurance shopping list. Also on that list, depending on the size and complexity of your business, it may be prudent to consider commercial loss recovery insurance. For as little as 30 or 40 per annum you can have a qualified independent loss adjuster to prepare, present and negotiate certain insurance claims on your behalf.
Making The Insurance Claims Process Work For You