Commercial Insurance Claims
This section will cover: 1. Property Claims – Fire & Special Perils, All Risks, Theft, Glass and Money. 2. Pecuniary Claims – Legal Expenses and Business Interruption. 3. Liability Claims – Employers Liability, Public, Products and Professional Indemnity 4. Commercial Vehicles 1. Property Insurance: Fire and Special Perils Claims:- a. Notify the insurer […]
Treating customers Fairly
The Regulatory Environment:- Regulation on the fair treatment of customers is the responsibility of the FCA. Regulated firms must demonstrate such. Outcome 1: Customers can be confident that they are dealing with firms where fair treatment of customers is key to the corporate culture Outcome 2: Products and services marketed, meet the needs of the […]
Regulation of Claims handling
Two organizations who regulate the financial institutions: The Prudential Regulations Authority (PRA) is part of the bank of England and is responsible for the prudential supervision of – Banks, firms investing on the stock exchange and Insurers The Financial Conduct Authority (FCA) – is responsible for the regulation of intermediaries as well as smaller firms […]
Fraud
Insurance fraud can be illustrated by the following examples: Inventing a loss that never took place. Exaggerating the number of item stolen by an honestly reported break-in Deliberately creating an insured event Exaggerating the effects of an insured event – eg: wrongly claiming for whiplash in an accident. It is difficult to quantify insurance […]
Estimating and Reserving
This is the process that a company carries out in order to assess the level of funds that are required to meet current and future claim liabilities. It is a KEY indicator if a company is financially solvent. Claims reserving is important for internal and external and for managing financial performances and assess: overall […]
Parties to a Claim
Parties to a Claim: First party – The policyholder Second party – The Insurance company Third party – anyone else involved in the loss event. Handling the Third-Party claim is an extremely important part of the work of the claims department:- a Third party – does not have a contractual relationship with the insurer and […]
Service Standards and managing Customer expectations
Service Standards and managing Customer expectations: Customer service has become a dominant issue because of: Consumer awareness – they are more aware of their rights and voice such via social media platforms where they are less hesitant to share experiences of poor services. Expectation of service – customers are ever – increasingly expecting value – […]
