Altus Insurance whitepaper spreads - Flipbook - Page 11
Claims as a di昀昀erentiator
All of this regulatory change has to be applied to any
claims service but again, these are basic expectations
and will do nothing to di昀昀erentiate one service
from another. Insurers must go much further than
regulatory stipulations if they wish to win the trust
and favour of the public.
Through its annual research and analysis on public
trust, the CII has identi昀椀ed a change in what
consumers feel is most important to them in selecting
an insurance product. Over the last few years, the
emphasis has moved more to the speed of settlement
of claim, and perhaps more interestingly, towards
having greater ‘control’ over the claims process.
This indicates that rather than a reluctant willingness
to engage, customers have an active desire to
influence and manage the claims process themselves
through self-serve mechanisms.
“We have seen a shi昀琀 in
consumer priorities, from it just
being about the importance of
having insurance, and ease of
doing business, to a real focus on
claims performance, speed and
method of settlement, control
over the claim and the need to be
treated with respect, rather than
as a potential fraudster.”
The appetite for greater transparency is clear but
the challenge facing insurers is articulating the full
claims proposition to prospective customers in a way
that makes sense. A signi昀椀cant amount of regulatory
information must be communicated which, while
important, can obscure the value that an individual
insurer provides. It is worth remembering, however,
that these regulations were introduced because the
FCA felt the sector wouldn’t address the clear issues
at play ‘unaided’.
However, when it comes to retention, communicating
the value of a claims service is arguably most
straightforward when the customer incurs a loss and
seeks indemni昀椀cation from the insurer. This provides
a real opportunity for the insurer to showcase the
quality of its claims management, to build a genuine
connection and, hopefully, long term relationship with
their customer.
Those insurers that are able to improve e昀케ciency
through reduced claims settlement periods, increased
use of automation and better cost control for third
party claims, will secure a direct bene昀椀t in being
able to pass these savings to consumers, improving
their growth opportunities. More than that, the
experience will be far more in line with the customer’s
engagement with other sectors.
Matt Connell,
Director of Policy and Public A昀昀airs, CII
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