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Claims transforms into business opportunity

17 July 2006 Claims Company

Clients seldom think about their insurance policies, until the critical moment when they need to claim. This is the pivotal time for brokers to offer excellent service and secure a life-long relationship with their clients.

Brokers that meet the expectations of their clients at the time of a claim will not only retain their clients, but will also benefit from invaluable word-of-mouth referrals. Unfortunately this is easier said than done, as many brokers are already shouldering a heavy administrative burden.

Part of the solution is to offer the broker complete control of his business, including the entire claims process, says Sandra Page, Managing Director of the recently established The Claims Company. Our technology and management systems ensure that both the broker and the client is kept up to date throughout the entire claims process, from the moment the claim is reported until final payments have been made.

Page explains that The Claims Company system incorporates comprehensive financial, administration and claims components. This ensures fast turnaround times and takes service delivery to a new and dynamic level. Paperwork is minimised and the broker can focus on client acquisition and service, with the resultant positive effect on profitability.

The Claims Company uses DEXdata technology to offer brokers complete control over the entire claims process.

An effective administration system means control, says Page. Because the claims are administered on the same system, brokers have access to accurate, daily reports for control and decision-making purposes. Dependence on third parties is minimised.

Dex has a reputation among brokers for providing administration, underwriting and portfolio management solutions. The same effective technology has been applied to The Claims Companys claims system.

Gone is the time-consuming process in which the client would phone the broker, and the broker would phone the insurer, to find out what is happening with a claim. We now use SMS technology to keep both the broker and the client informed at each stage of the entire claims process. The broker and the client are advised via SMS when an assessor is appointed, when the repairs are approved or completed and when the vehicle is collected, says Page.

Maximum-security control is critical to an efficient claims system. The integrity of the information is ensured by minimising the exchange of data between parties and incorporating tight security measures as well as numerous checks and balances in the system.

It is now possible for brokers to transform the claims process into an opportunity to save time and money, while at the same time offering clients an unprecedented level of service, says Page.

Quick Polls

QUESTION

We have watched with interest as each of the country’s large life insurers report their 2021 life claims statistics, with soaring claims and claims values. That got us thinking: how do the big life insurers compare against one another, from an IFA perspective?

ANSWER

An insurer is an insurer is an insurer
All are excellent: would not deal with them otherwise
There is one insurance brand that stands out for me
Tied agent: but my brand is the best out there
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