An Insurance Broker’s Value Addition to the Handling of Claims

5 Minutes Read

In a market of innovative insuretech start-ups, direct insurers, agency force and over ninety brokers, the insuring public relies on value addition that intermediaries offer. 

Brokers respond to the specific needs and wants of their clients via a clearly defined client value proposition. They maintain effective relationships with insurers, loss adjusters or loss assessors, repair outlets, claims investigators and lawyers. By building such market networks, brokers seamlessly help their clients, navigate the complex maze of dealing with all these players.

Processing a client’s claim provides a shop window for a broker to exhibit their technical expertise and negotiation skills. At the core of any boker’s business is an effective, proactive claims service. We at Allstar, empathize with our clients at their time of loss and take over claims handling and settlement negotiations after we have been notified. We are contactable by phone and email seven days a week.

In our capacity as your appointed brokers, we work effectively in our client’s interest while supporting the insurers to make the right decisions thus, facilitating the process to the point of validation for settlements negotiations to begin.

How we add Value to the claims process-a look at a real claim involving one of our Clients

One early morning, Fire guttered a plastic manufacturing Company at the North Industrial Area. Nearby were adjoining properties occupied and used as warehouses, showrooms and factories. Our client contacted the Fire Service and spoke to us via phone for immediate advice. We empathized with them, alerted the Underwriters at first notification, and ensured they dispatched their industrial loss assessors to the damage site for firsthand evidence gathering.

Key issues and how the Broker added value

• Though the fire did not spread, one warehouse building, stock of semi-finished goods as well as plants and machinery contained therein were damaged.
• Client was assisted to fill the Fire Incident report, supporting documents such as Fire Service report, waybills, stock records, photographs etc. were attached and submitted to the insurer on the client’s behalf.
• Subsequently, an inordinate volume of work began to coordinate the client, insurer, loss adjusters and legal specialists to conclude any queries the report had created. Difficult conversations between insurer’s team of loss assessors, loss adjusters had to take place with the client.
• All correspondence from the insurer went through the broker, which enabled us filter out relevant information for the client. We broke down the insurance talks into simple language understood by the client
• The client had a lot of mind-boggling for us regarding what they will be able to claim for. With our expertise in product knowledge and commercial risks claims handling, we answered all questions while empathizing with them and keeping them sign-posted on how the claim was progressing.
• We collated and presented all remaining supporting documents in an acceptable manner to the insurers thus saving time and minimizing a long-drawn-out process.

The claim was settled, and the client adequately indemnified to a position, which allowed them to continue working.

Invariably, most elite insurers tend to be receptive to borderline claims or more flexible on issues of quantum of claim especially if they have good relationship with the broker and the insured’s claim history has been impressive.

Occasionally, brokers negotiate ex-gratia settlement for clients whose claims would otherwise be repudiated by insurers. This is done with a commercial mindset and long-term relationship as key considerations.

You don’t have to be our client to qualify for our claims assistance.