The Importance of Claims Management | Wilson Organisation

News

December 3, 2020

The Importance of Claims Management

The Importance of Claims Management

The swift and efficient management of claims has never been more important, particularly for those that require professional indemnity (PI) insurance in such a tough market.

We have always said that the proof of a good broker is not when times are easy, but when you face a claim – that’s when you need our support most.  Claims control and handling is particularly important as it is the test of your Insurance Brokers, Insurers and the policy you have purchased. After all, claims settlement is the only tangible product of an Insurance contract.

When it comes to spurious third party claims we work with our clients to manage claims reserves and ensure these claims are fully investigated by the insurer and defended when in your best interest to do so. Actively managing and challenging claims helps immensely in pushing down premiums and is one of our key strategies with all clients in the lead up to renewal.

We have an experienced claims team that project manage claims on behalf of our clients, attending any meetings with loss adjusters or assessors, as well as providing strategic advice for individual claims and claims trends. We fight our client’s corner and have a great track record of securing claims payment, even when our clients have been less than positive about the potential outcome.

For those that aren’t offered a claims service by their broker, here are some of the key steps we undertake with our clients that you could adopt when dealing with claims.

  1. Notification – Notify your broker or Insurer as soon as you believe there is a circumstance that may give rise to a claim. Failure to do so may lead to your position being prejudiced and the Insurer failing to indemnify you if a claim should then arise. ALWAYS notify, however remote you think a claim may be.
  2. Communication – Keep in regular contact with the Insurer, notify them of any updates from your side and they can also then advise you if they have received any direct claims from the third party.
  3. Coordination – Ensure all parties acting on your behalf are aware of each other, and you are updated on all potential actions so they are not acting in a way that could prejudice your position. For instance, in a non-fault motor accident you will potentially have your insurer, the insurer may instruct solicitors, there may also be an uninsured loss recovery company – amongst others! 
  4. Resolution – When settlement is agreed, ensure you obtain prompt payment and maintain detailed loss records for future reference.
  5. Demonstration – It is vitally important that you can demonstrate/exhibit that lessons have been learned as a consequence of any incidents or losses that have led to claims. Insurers need to see that you have a robust approach to assessing and managing your risk.
  6. RevisionInitiate Regular Claims Reviews. You should carefully consider the status of any and all on-going claims, ensure that all outstanding matters are dealt with, correspondence and requests for information have been responded to, or are otherwise closed off.

Conclusions

We appreciate that managing claims can be a difficult and stressful, which is why we have a specialist claims management team that have experience of working for insurers and understand their approach. They now use their knowledge and experience for the benefit of our clients.

Our clients tell us they stick with Wilsons because they are confident that we are on their side and will fight their corner. They also like the assurance they get from having one point of contact for all their claims.

Our approach is hands-on, supportive and practical. If your broker is not providing a comprehensive and supportive claims service, why not get in touch?  

Contact

Charlotte Perkins – Group Managing Director    

cperkins@wilorg.com    

0115 9420 111  

Over 100 years of innovation

  • 1914

    A successful launch! The Wilson Organisation was founded in Nottingham by Harold Wilson and became the first company in the East Midlands to offer a comprehensive insurance policy to the region’s fast-growing band of automobile drivers. Innovation from day one.

  • 1920s

    During the 1920’s, Wilsons developed its commercial insurance offering under the stewardship of Harold Wilson. Hopping forwards 80 years, Wilsons has developed a number of industry specialisms including a particular expertise in the food and drink sector. We created a unique insurance offering called “FoodProtect” and, through this service, have been able to deliver intelligence and cost-effective insurance programmes to a broad spread of leading food producers. The best thing since sliced bread? Maybe not, but we’re working on it.

  • 1949

    John Prow joined Harold Wilson in the business, marking the first generation of the Prow family’s involvement in The Wilson Organisation. Wilsons’ clients included leading Nottingham firm Boots The Chemist plus a number of operators in the burgeoning railway sector. With post-war regeneration beginning apace, the firm’s fledgling construction expertise quickly developed into one of our leading offerings and this continues through to the present day, with clients including national and regional builders, developers, contractors, sub-contractors and architects.

  • 1960s

    The 1960s were the start of a new era for The Wilson Organisation. Harold Wilson and John Prow died on the same day in 1963, Harold of illness and John in a car crash. This left John’s son, John J Prow, to run the growing business at the age of 27. Under his youthful direction, Wilsons benefited from a new energy and direction. John J Prow, who had joined in 1960 in a new business role, led the move into our current premises at Wilson House in 1964 and then launched the financial services division in the following year.

  • 1990s

    The late 1990s heralded the start of the third generation of the Prow family’s involvement in the business. Managing Director Charlotte Prow joined in 1998, to be followed by the firm’s Chief Executive, Annabel Prow, in 2002. Product and service innovation continued apace with the launch of a corporate finance specialism in 1997, which continues to deliver valuable cost-savings and insights to the region’s dealmakers.

  • 2000s

    Now century on from the launch of The Wilson Organisation in 1914, the company continues to encourage innovation and reward good ideas. Within the financial services team, 2008 marked the launch of “Flex”, a powerful employee benefit programme and the development of “WRAP”, an investment tool with a unique level of investor control and transparency. Meanwhile, our insurance advisers worked quickly to bring to market a specialist insurance policy for insolvency practitioners.

  • 2010s

    2010 saw the launch of the Midlands Family Business Awards by Wilsons, the UK’s only independent not-for-profit Awards for family businesses. Now in their fifth year, the Awards have raised almost £20,000 for charities supporting families and young people. In 2014 we are celebrating Wilsons’ centenary, a significant milestone in Wilsons’ history.

Registered Office:
Wilson House, 1/3 Waverley Street, Nottingham, NG7 4HG

Registered in England Number 862690 - Members of British Insurance Brokers Association

Harold Wilson (Insurances) Ltd. and Harold Wilson Financial Services Ltd. are authorised and regulated by the FCA (Financial Conduct Authority)