Hands-On Claims Advocacy to Ensure Favourable Payouts
75% of a Broker’s Time Goes into Handling Simple Claims
That’s one of the key findings of the Allianz Broker Voice Survey, a study on the claims process and its impact on your work.
Over two thirds of brokers interviewed said straightforward claims take up three quarters of their time.
It makes perfect sense, taking into account that your customers may:
- Have limited understanding of what their cover includes.
- Feel confused about the policy wording.
- Lack the skills to manage the claims process.
Which means when something goes awry, they rely on you.
According to a survey conducted among SMEs, 93% of clients seek advice from their broker when claiming on their insurance. Or have you handle their claims altogether.
So, helping your clients grasp the policy terms and what their insurance covers is the tip of the iceberg.
As your goal is to ensure your client’s satisfaction, you work hand in hand with insurance claims handlers and TPAs towards achieving a favourable settlement.
Hence, it comes as no surprise that the survey conducted by Allianz revealed that brokers need frequent communication and a more personal touch from insurers. Even more so when it comes to complex or high-value claims.
Marine Claims Frequency and Severity Won’t Ease Up
These are scenarios where you as a broker can show what you’re made of. If only you had the time.
Remember? Three quarters of your working hours go into helping your customers navigate small claims as it is.
Now, take a large loss involving parties from different countries, where your client’s claim is denied or a dispute arises about the amount of a proposed settlement. This process will eat up the remaining fourth of your time. To the detriment of finding new customers or add-on business.
Claims Advocacy Takes Complex and Contentious Claims off Your Plate
Contrary to common belief, most insurers do a good job of finding ways to pay claims. At the end of the day, they want happy policyholders as clients. But every claim is unique and has different insurance implications. So, insurers may need a hand to find the path to claim resolution.
All too often, insurers resort to external legal advisors, which comes as unwelcome news for the insured. Clients, in turn, reach for their own lawyers. Before you know it, the claim has turned into a costly tug of war between two law firms.
Meanwhile, your customer is trapped in a Bermuda Triangle of his own with an unsolved claim, major disruption to their business, and a lawsuit underway.
This lose-lose situation could have been avoided by involving a claims advocate early on in the claims process. Claims advocates act like a bumper, preventing unnecessary clashes. They dig until finding common ground allowing your clients and their insurers to solve claims amicably.
Now, we know you are there to give your customer sound, well-informed advice. But there are times when you need a fresh perspective to resolve problematic claims. You may find yourself so tangled in the minutiae of a claim that you can no longer see the wood for the trees.
When this happens, a claims advocate may help you and the insurer gain new insights into the claim.
Pushing for Your Client’s Rights under the Insurance Policy
Claims advocacy implies being in your client’s corner when it matters the most:
- Ensuring they follow notice provisions and other coverage requirements.
- Liaising with insurers, TPAs and adjusters on their behalf.
- Connecting the dots between the policy, the facts of the incident and the claims process.
- Facilitating beneficial interpretations of policy language.
- Mitigating the claim impact on their organization.
- Ensuring that no emergency costs arise that the insurer won’t refund.
- Striving for maximum insurance coverage.
- Managing litigation if a favourable outcome isn’t achieved.
We fulfil our promise thanks to our relationship with global insurers.
Having worked with marine insurance policies in countless countries, we’ve forged alliances based on mutual trust.
And trust is key when it comes to advocating for insurance clients. The proof is that we’ve managed to negotiate certain claims that could have been denied.
Our team of claims advocates is on hand to maximise coverage and reduce liability.
Claims Advocacy Solutions to Help You Help Your Client
Full-Service Claims Advocacy Services for Brokers and Insureds
As claims advocates, we walk alongside your client toward a successful claim outcome while keeping you in the loop.
Here are some of the areas where we can assist you and your insured:
- Advising clients on coverage and claims strategy.
- Reviewing coverage to ensure the incident falls within the scope of the policy.
- Notifying the insurer in compliance with the policy reporting requirements.
- Drafting documents to support the claim on your client’s behalf.
- Preparing claims instructions for insurers or third-party administrators.
- Monitoring claim investigation and liability assessment.
- Establishing reporting protocols to ensure information flows.
- Following up on the claim to reduce time and costs related to losses.
- Engaging with insurers and adjusters to make your client’s voice heard.
- Addressing any coverage issues that may hinder a timely resolution.
- Selecting claims experts (e.g., loss assessors and forensic accountants) and evaluating their performance.
- Negotiating the best possible outcome.
- Managing litigation, including selecting legal advisors and developing procedural guidelines.
- Reviewing claims, including assessment of reserves and cost reduction opportunities.
- Managing escalated claims processes.
- Drafting a crisis management plan.
- Providing training to help clients navigate through the claims process.
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You May Also Want to Know
Our claims advocacy services may come in handy when:
- Negotiations are taking too much of your time and getting nowhere.
- Your client has a high-value, complex claim.
- Insurers have denied your client’s claim, and you want to appeal their decision.
- A claim involves stakeholders in different countries, and you aren’t familiar with their legal system.
- The time has come to escalate an insurance claim.
As claim advocates, we stand by your client’s side throughout the entire claim process.
Whether it is:
- Identifying potential claim handling issues.
- Implementing risk mitigation techniques.
- Developing claim management procedures.
- Benchmarking services provided by third-party administrators and adjusters.
- Coordinating meetings between the parties to the claim.
- Issuing status updates.
- Crafting a litigation strategy.
We assist you in your client’s times of need and get their policy to respond.
At Marlin Blue, transparency is paramount. On a monthly basis, we send you an ad hoc report summarising the status of all open claims.
Besides, as part of our claims advocacy service, we’ll develop a follow-up procedure. Both you and your client will receive timely updates on our actions and outcomes.
Think about it in these terms. With our knowledge of insurance policies and international transport law, we can achieve a favourable settlement for your clients’ claims.
This will in turn reduce their long-term insurance costs. And lower premiums result in increased customer satisfaction and loyalty.
In other words, a virtuous circle leading to guaranteed return for you.