Filing life insurance claims is difficult for policyholders. Therefore, life insurance giant TAL explored the emotional challenges facing financial advisers (FAs) and their clients throughout the claims process.
TAL's latest report, “The Value of Financial Advisers at Claim Time,” explored the role of FAs throughout the end-to-end claims process from FA and client perspectives to improve TAL's support for its FAs. It highlighted the emotional challenges when clients need to claim on their life insurance policies and the impact an adviser can have on a client's emotional wellbeing throughout the process.
It found that 60% of advisers felt stressed when working with their clients on a life insurance claim, 43% do not know what to say when dealing with bereaved clients, and 77% agreed that helping clients through the claims process is a key part of their offering.
Niall McConville, general manager of retail distribution at TAL, said the claims experience is most effective when insurers, advisers, and clients work together.
“The research underpinning this report shows us that, by providing advisers with the tools, resources, and education they need to support their clients through a positive claims experience, we can empower them with the confidence to play that valuable role at claim time,” McConville said. “Equally, there is a key role for insurers to better support advisers through what can be a daunting experience as they guide their client through a claim.”
Jenny Oliver, chief claims officer at TAL, added that resolving claims validates the promise made between life insurers and their customers.
“During the often emotionally charged period of claim time, TAL's valued relationships with our adviser partners allow us to work together to enhance the customer experience across every stage of the journey through personalised and meaningful communication and connection,” Oliver said.
“TAL places a great deal of importance on ensuring those adviser partners who offer claims support as part of their advice service are well equipped and feel empowered to provide guidance to clients through the claims journey, and this report is an important step in better understanding the ways that we can do that.”
