Every claim goes through the same process – it will be investigated, quantified and validated by insurers before being paid, and there can be hold-ups at any point.
Understandably, the bigger the claim, the more closely the insurer is going to scrutinize the circumstances. The insurer will want to go through the policy wording to ensure the claim is covered, which can sometimes cause delay and frustration. If the company operates on a global basis, cultural factors such as different jurisdictions and documents needing to be translated will also slow the claims process down.
Speeding up the process
As is usually the case, the most effective way of speeding up the claims process is to plan ahead. Pre-emptive planning tools, including loss scenario planning and policy stress testing will significantly help to reduce the time it takes to process a claim. A good broker will go through these tools with you.
Role of the broker
It is the broker’s responsibility to ensure their clients fully understand their cover and the claims process before a loss happens, whether via pre-loss scenario testing or simply by running through some of the key terms and exclusions within the policy wording. Following a loss, businesses have to provide an enormous amount of documentation to evidence their claim, which can be overwhelming when trying to get things back up and running, so planning ahead will help to ensure the right information is provided.
The role of the broker is imperative to the whole claims process. A good broker will oversee the process, liaise with all parties and act in the best interests of their client whilst providing resources and guidance to help ensure it all runs smoothly.
At JLT Specialty we always help our clients to understand what to expect and provide hands-on support throughout the claims process.
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