The overriding concern of risk and insurance managers when it comes to claims management is the need to protect brand and reputation. This is according to 48% of those surveyed by DWF Law.
The results of the survey provided a backdrop to a hub discussion on the second day of the Airmic Conference 2021.
In terms of the key challenges corporate risk managers face, 29% said it was taking too long to resolve claims, while nearly a fifth (18%) were concerned about issues around ‘defensibility’.
Efficient claims handling has been one of the casualties of the global pandemic and country lockdowns and the key was to put self-service back into the policyholders’ hands, thought Ashley Moss, CEO of DWF 360.
From a defensibility perspective, it is all in the preparation, thought the panellists. Working on litigation packs with insurers and legal teams can make a big difference.
“They are labour intensive but in the long run it will save you because cases will become more defendable,” said Moss.
“The more you do at the beginning, the better the journey becomes.”
The research also found that by far the biggest barrier to achieving a successful claims resolution was a lack of internal stakeholder support (according to 53% of those surveyed).
While the risk function may find it easy to get buy-in from departments such as health & safety, other parts of the organisation may be more reluctant to engage.
“It’s all about the communication,” thought Lisa Heathcote, head of UK property and casualty for DWF. “Ultimately it’s key we all have the same goals, which is increased repudiation rates and decreased claims spend.”
Blog: Airmic Conference 2021 Daily News Summary
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Airmic 2021: Overcoming claims challenges