Companies speed catastrophe claims assessment
17 September 2008
In times of catastrophe Lloyd’s syndicates have to ensure that they respond promptly to the needs of policyholders and that all valid claims are settled. In the aftermath of a disaster, getting adjusters to where they’re needed can be tricky. But insurers are rising to the challenge.
Lloyd’s managing agent Kiln recently joined with the Chartered Institute of Loss Adjusters to launch an industry-wide debate on how more adjusters could be recruited and trained to deal with major man-made and natural disasters.
As Hurricane Gustav threatened the Caribbean and the southern US last month, Brit Insurance, enacted innovative emergency plans to mobilise both staff and contractors if the worst occurred.
“Time is of the essence in 80% of the claims we receive,” says Bob Foster, Group Director of Claims for Brit Insurance. “We must have the structures in place to meet policyholders’ expectations.”
In early September, Brit Insurance launched its Global Claims Hubs initiative, offering local claims services to brokers, coverholders and customers.
The first two hubs are in the Cardiff, UK and Atlanta, US. They plan more hubs in Europe and South-east Asia over the next 18 months. The hubs are operated in partnership with claims experts Cunningham Lindsey and Crawford & Company.
“As a global underwriter we need to ensure we can provide a localised, specialist service to the policyholders wherever they happen to be,” says Foster.
Foster explains that in the event of a major disaster the hubs of specialised staff will facilitate a quick response by the insurer. They will also help the underwriter to ensure that key decisions can be made quickly and effectively, and that customers are treated fairly.
“We’ve set up claims colleges within the two hubs to ensure that the loss adjusters are aware of the company culture and how we want our claims to be handled,” Foster says. “Hubs give us access to significant numbers of fully trained and licensed staff who are in the vicinity and managed locally.”
Last updated on 17 Sep 2008
