How to optimise insurance claims and improve your customer’s experience
Customer expectations are continually evolving, no more so than in the world of insurance. Customers are increasingly digital-first and choosing services based on convenience. They’re seeking easier methods to both purchase an insurance policy and make a claim when they experience a loss.
The 2018 Civil Liability Act is expected to take effect in April this year and is set to transform the handling of low-value personal injury claims in England and Wales. The Act seeks to control the growth of motor insurance premiums for “ordinary” motorists by reducing the cost of whiplash injury claims.
While the exclusion of pre-existing medical conditions in travel insurance policies has been standard practice in Europe, there is regulatory pressure to reform.
Not understanding the quality of a risk can lead to poor attritional loss ratios, which is why it's paramount that Lloyd’s underwriters not lose out to poor-quality data.
By developing rating plan for subsidence and other ground movement risk, insurers can rate policies more accurately, increase market share, reduce loss ratios, and lower combined ratios.