Just a thought... What Role Do Insurers Play in Pothole Damage?
Maybe it's Time for a Refresh??
The consumer group Which? has called on the Financial Conduct Authority (FCA) to step up and take a tougher stance on insurance companies that aren’t treating their customers well.
According to a survey conducted by Which? over the past three years, consumers have expressed frustration with insurers’ poor service. Common complaints include delays in processing claims, excessive requests for sensitive information, and a general lack of empathy, especially towards vulnerable customers.
My own and very current experience of a simple low-cost escape of water claim handled by an extremely well-known and very large TPA fills me with dread at what the ordinary consumer must be thinking about the standards of service and behaviours that we provide.
As personal lines policy premiums soar through the roof at a time of maximum challenge to customers’ standard of living, we need to look to our own approach and behaviours.
Read on here.
Speedy Claims: Why Processing Time Matters
Recent surveys by Sollers Consulting and Ipsos highlight the importance of fast claims processing in the insurance sector across the UK, Germany, Poland and France. A majority of customers - 63% in the UK and 60% in Germany - prioritise quick claims settlement.
While fast resolution boosts customer satisfaction more than compensation, many insurers struggle to meet these demands, particularly after major natural disasters. Experts like Lennart Imorde and Aleksander Czarno??ski recommend strategic tech investments to enhance claims processing and customer satisfaction.
Read the full article here.
Must Read: Marsh's Latest Insights on Cyber Risk
领英推荐
The latest analysis by Marsh on cyber risk is an essential read. Here’s my take on what it means for claims professionals.
In 2023, 21% of clients reported a cyber event across key sectors including healthcare, communications, retail, finance and education.?Cyber attacks are a growing risk and this is an evolving area, therefore, it’s vital that organisations have in place strong foundations so they can successfully wade through these murky waters.?
For organisations, establishing effective communication, customer service excellence, and careful use of technology will be the robust foundations that are needed to navigate complexities.
For me, it’s never been more important to get the basics right.
Read Marsh’s full report here.
Potholes: A Growing Challenge for Drivers
Potholes. The bane of most drivers' lives.
Okay, maybe that's a bit dramatic, but they are undeniably annoying.
Local councils are paying out more claims. According to an analysis by The Green Insurer, the number of drivers receiving compensation payouts for pothole damage increased by 82% last year.
While it may seem like a problem solely for local councils, insurance companies have a role to play as well. They can support their customers by offering enhanced coverage options, simplifying the claims process and educating policyholders on effective documentation.
Additionally, insurance companies should advocate for their customers with local councils, promote preventative measures through technology and provide incentives for reporting potholes.
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Owner, World Motor Insurance Consultancy and Insurance Consultant
6 个月A big issue with potholes is that many vehicle damage claims may be lowish value and would, therefore, fall within any excess that may apply to the own damage section. That is, of course, if the own damage section actually applies given the wording of most motor policies in relation to tyre damage claims. A successful claim under a motor policy would probably also result in the loss/reduction of NCB/NCD (subject to NCB/NCD protection) unless the insurer was able to make a recovery from the relevant local authority. Separate pothole insurance is available but I am not sure what the FCA's view on fair value is here when looking at the cost versus frequency.