Claims – A Market Initiative

1st August 2017

Originally published October 13 2015 as a BIBA blog

It is a brave organisation which does not have its customers at the heart of everything it does in this world of heightened awareness to consumer issues. The consumer lobby has never before had the opportunity to be heard quite as effectively. But perhaps more importantly, the advent of social media has given the person in the street the ability to give instant praise or criticism to service received; commentary which has the potential to go viral in minutes.

Insurance does not escape this phenomenon and the recent FCA thematic review of commercial claims has further focussed the industry towards the aim of improving the customer experience still further.

The Industry Claims Initiative, made up of brokers, insurers, loss adjusters and assessors, industry representatives from BIBA, the ABI, Airmic, CILA, MacTavish and others, were looking at improving claims even before the FCA had reported.

Issues such as the customer journey, improving the overall experience of claims and discussing the problems faced by the industry in delivering better service through innovation along with emerging issues have all been discussed.

The group does not have all the answers at this stage, but it provides a platform for healthy debate and discussion from issues ranging from how we will deal with the issues raised by the FCA review to the emerging issues such as the implementation of FloodRe, Cyber risks and the sharing economy.

To date, the output has been good with the production of guides to assist the consumer and explain better how the industry works, with future emphasis being aimed towards the promotion of how clients can avoid being under insured and just what it will mean if a client is under insured.

BIBA assisted in the writing of the “Small Business Insurance for Dummies” and is currently working on a guide to provide guidance to Brokers on how they should approach this issue with clients. AXA have already issued customer focussed guide as part of their transparency project, as have Aviva

We should not forget that this industry pays a phenomenal amount of money out in general claims every day, so we must be doing something right. However, we cannot be complacent, and where we see that improvement can be made, we must take the opportunity to change. The Claims Working Group provides the platform for healthy and constructive discussion to help us achieve what we as an industry, the FCA and most importantly — the consumer want us to achieve.

The group is due to meet again on the 21st October, so if there any issues you would like to bring to the attention of the group for this or future meetings please email [email protected]

Andrew Gibbons, Chair, Insurance Industry Claims Working Group