It cannot be denied that Covid 19 has made the world re-evaluate what we all considered ‘normal’ only 6 months ago. Nowhere is that more true than in the world of business, or more specifically, how we get business done.
Long before Covid had us all cocooned at home in splendid isolation, many Insurers had already acknowledged that their claims management process needed a re-think.
Insurers need to be relevant, not just to the changing demands within their own organisations but particularly those of their clients. Adopting a strategic response to an ever-increasing portfolio of technical and complex claims is a must. All Covid has really done in this regard is speed up the inevitable process of evolution.
There is rarely such a thing as a simple or straightforward claim nowadays. The increased demands from Insurers, Brokers and Policyholders makes it more difficult, if not impossible, for the Loss Adjuster to be equipped with the breadth of expertise now expected.
Be it an Energy, Property or Construction claim, a complicated technical loss demands an equivalent response – single point contact supported by relevant construction and engineering professionals providing specific and co-ordinated input across multifaceted disciplines. And, for this to really deliver and truly leverage value through efficient working practices, the experts need to be connected within the same organisation – the Holy Trinity of Time, Cost & Technical Engineering.
What is it that Insurers actually want? Following any form of property damage, Insurers need a good level of comfort about the loss in terms of scope of damage, how much it will cost to repair and how long it will take. Equally important is for the Insurer to deliver on the promise made to their customer when the premium was paid – an effective, timely, professional and supportive claim response. Over recent times many leading Insurers and Brokers have recognised their claims service as a key differentiator. This ability to triage losses quickly and accurately after an event is exactly what CCi has been developing its time, cost, and engineering teams for. The ability to call on these 3 core disciplines provides many benefits from a construction and engineering point of view, but specifically from an insurance point of view: –
- Co-ordinated team of construction and engineering industry experts
- Quick assembly of a truly integrated team
- Ability to accurately triage losses on a 30, 60 and 90-day basis
- “Real World” experts who continue to work on live projects and have direct up to date knowledge of the evolving construction and engineering industries
- Independent, impartial claim assessments
- Ability to provide capped/fixed fees based on pre-agreed parameters
This, I believe, represents the credible alternative to the more traditional claims management services
Additionally, the advantages of using this credible alternative are immediate: –
- Simplified claims management with a single point of contact for all technical experts and a central information repository
- One output/report with a seamless interface across the multifaceted team of technical disciplines
- Expert industry resource and knowledge that can also be deployed to assist the Insured
- Increased Policyholder confidence through the creation of trusted and respected Client/Broker/Insurer relationships
- Timely, efficient and reliable forecasting and reporting
- Improved level of efficiency by eliminating double accounting/overlap between disciplines
In short the service provided by CCi results in more accurate reserving, effective decision making, earlier claims settlement, lower costs of advisors/experts, a smoother, clearer claims management process and all the while providing the necessary technical support and guidance to the Insured.
The nature of claims management is clearly changing, hastened by the effects of the Covid pandemic. Are we currently experiencing the ‘new normal’? Of course not, but what is undeniable is that the way we all conduct business in the future will have to change out of necessity. Across the globe the insurance industry is currently in the spotlight. How Insurers respond to the current situation is certainly being monitored by their customers, but I think it is how the industry emerges that will potentially be the most important aspect from their clients’ perspective. Perhaps Covid is the nudge we all needed to make us re-evaluate many aspects of what we do, including insurance claims management.