Revolutionising claims and why it matters for brokers

Revolutionising claims and why it matters for brokers | Insurance Business

Revolutionising claims and why it matters for brokers
Changing dynamics and disruptions in the claims space could help boost brokers’ value to their clients and improve trust in the insurance industry, an expert has said.

An insurance claim is the real moment of truth for the insurance industry, and it is currently an inefficient, confusing, and distrustful process, Brian Siemsen, chief executive officer of ClaimLogik said.

“In a world where businesses are constantly reviewing how to remain relevant to their client base, an insurance claim is a great opportunity for a broker to demonstrate how they add value to their clients,” Siemsen told Insurance Business.

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Siemsen, who launched the world-first ClaimLogik last week, said that the industry needs to invest in more transparent processes to help clients know the status of their claim throughout the often stressful process.

While much has been made of the disintermediation of the insurance buying process, Siemsen said that those brokers who invest in claims processes and claims management will be able to carve out more success than their counterparts who outsource their claims handling capability.

Claims are top of mind for many in the industry as the impact of Cyclone Debbie and subsequent flooding is still being felt.

However, as claims make their way from client, to broker, to insurer, to assessor and move through the value chain, Siemsen said that brokers and clients can lose a line of sight on the claim, which then leads to dissatisfied customers and longer waiting times.

More real-time work on claims can help separate brokers from their direct counterparts, improve client trust in the insurance industry and get businesses back on their feet more efficiently.

“At the moment, the truth is no-one knows where the claim is,” Siemsen said of the convoluted claims process.

“If your moment of truth is in a long list of claims to manage, that is not really a point of difference.”

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