The role of a broker in the regulation of claims

We know the insurance market is, most of the time, seen as a complex, bureaucratic, conservative segment. The “small prints’”, the insurance “idiom” and the difficulties when retrieving the claims to the insured are all factors that help with its reputation.

However, the innovative, autonomous and deregulation led by the last management of SUSEP starts to be felt by companies and people alike. The virtualization, brought by the covid-19 pandemic, along with the investment in better user experience, driven by the rise of insurtechs, are creating a new picture of intimacy and transparency between insurers and their clients.

But how is the process of claim regulation evolving?

Clearly, there’s a lot of room for the interface between insurers, brokers and clients to grow.

By itself insurance damage/loss is already stressful and uncomfortable. The insured has to not only mitigate the loss or damage of the insurance, but also cater to complex and substantial demands that come with the process of regulating the loss. It’s not uncommon for the insured to feel lost and inferior to the company, going to a defensive stance or not standing by the litigation.

The broker then has the fundamental role of guaranteeing the success of the regulation process. They will have to promote the equalization of the technical and procedural knowledge of regulating insurance damage, as to make the process the fastest and least wearing as possible.

Remember to avoid brokers that appear to be helpful in the process of commercialization of the insurance policies but run away when insurance damage or loss happens. When contracting a broker, always be sure to check their qualification in this complicated portion of the contract.

After all, the payment of insurance damage is the moment where the promises of the insurance contract come to light, when the quality of the policies and its terms, conditions and exclusions are tested. This is when “the cheap becomes expensive”, when a policy ill-conceived proves itself to be ineffective, in short, a headache for the executives responsible for the insurance companies.

The support of an insurer that offers an excellent insurance damage service maximizes the chances of success and minimizes the chances of lawsuit between insured and insurer – a lingering, burdensome, wearing process. For this to happen, a team with advanced technical, business ability and market reputation is crucial.

Something else to be considered is the capture of learned lessons in the process of regulating the insurance damage and transference of improvement points for the next insurance policies, as well as incorporating recommendations to avoid another loss or damage. That way the success rate of future policy renovations can be assured.

Next time you search for a brokerage company,try to understand the quality of its insurance damage team, their market reputation and history. Remember: the regulation of claims is a defining moment for insurers and brokers to show their real value, making a true difference for its insured clients.