December 3, 2020
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.
- 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.
- 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.
- 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!
- Resolution – When settlement is agreed, ensure you obtain prompt payment and maintain detailed loss records for future reference.
- 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.
- Revision – Initiate 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.
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?
Charlotte Perkins – Group Managing Director
0115 9420 111