A great deal of focus is put on the arranging of cost effective insurance programs however very little is said by most brokers on what they will do in the event of a claim. Here’s how we advocate on our client’s behalf.
Most whole of market insurance brokers rely on passing over all claims related matters directly to the insurer. On the face of it, this is sensible so as to not have another link in the correspondence chain theoretically meaning that the claim can progress faster. Unfortunately, with insurer appointed loss adjustors having to manage ever larger caseloads to make their role economically viable and wanting to demonstrate their value add by mitigating the insurers costs, this self service approach generally does not lead to the best customer outcome.
We offer all our clients the ability to report their claims directly to us. We liaise with insurers on their behalf and ensure that all parties involved in the settlement chain are held properly to account and also use technology to keep our clients properly and regularly updated on all open losses.
As a whole of market insurance broker, we deal with a very large number of different insurance product providers, each of whom has their own, unique claims process. Therefore, prior to incepting a policy for a client, we will review the claims process, put in place clear reporting lines and ensure that our clients are clear on the procedures to follow in the event of a claim so as to mitigate the impact on their organisation whilst ensuring the limitation of any emergency costs which will not be refunded by their insurer.
It’s very easy, even on a small insurance programs, to let small losses become systemic issues. In the case of liability claims which have been reported directly by the third party, it can be due to the client not being made fully aware that these incidents have even occurred until the end of the policy term. In respect of property losses, it’s easy for the root cause of the damage not to be properly identified with only the consequential damage being addressed.
As part of our claims advocacy promise, we offer all of our clients quarterly claims reviews. We will meet either virtually or in person and use these opportunities to ensure that our customers have complete transparency on the risk performance of their organisations and to determine whether any patterns can be identified which can help avoid future losses.
We use insurance products and capacity to protect pro-ESG organisations and help to facilitate their growth.
Sustain Insurance Brokers is a trading name of Sustain Brokers Limited which is registered in England and Wales under company registration number 14309360. Sustain Brokers Limited is also an appointed representative of TEn Insurance Services Ltd, trading as Eleven, which is authorised and regulated by the Finance Conduct Authority (FRN 314593).
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