Complex Claims – A Short Guide, the latest in Airmic’s series of ‘Explained’ guides, highlights the consequences of a major property damage event. It examines the challenges that an insurance manager may face, and identifies the key internal and external stakeholders they need to interact with from the moment of the loss through to settlement.
Detailing the stages of the claim lifecycle, the paper looks at:
How scenario testing – considering the impact of events and the likely response – is a fundamental element of risk mitigation.
How insurance managers can avoid errors commonly made immediately after a loss, which could subsequently jeopardise the claim.
The role of the insurance manager in proving the claim effectively and efficiently, as the cause investigation and evidence collection stage progresses.
How organisations should learn from losses, near-misses and incidents, to ‘close the claims loop’.
Robert Lewis, Claims Leader, Risk Management Practice, Marsh, said: “Delays in the resolution of a major claim could be financially catastrophic, so firms need comfort that their insurance policy will respond quickly. Crisis planning is key to ensure policy wordings are tested – and any areas of ambiguity are resolved with insurers – ahead of a complex loss.”
Georgina Oakes, Research and Development Manager, Airmic, commented: “The handling and outcome of a major claim is the true acid test of any insurance programme purchased by an organisation. A slow, mismanaged claim can be frustrating, while also damaging the organisation’s ability to compete long term. Much of what’s important to getting any claim paid lies in the actions and approach taken long before the loss event occurs, so being prepared is crucial.”
Read the guide here
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