Claims Processing - Five-Star Carriers 2018

Claims Processing - Five-Star Carriers 2018

CLAIMS PROCESSING
Carrier performance: 7.06

FIVE-STAR CARRIERS

A lot hinges on the claims process – many clients evaluate their brokers’ and carriers’ service on this aspect alone, which is why it remains one of the top qualities brokers seek in their carriers. So it’s heartening to note that claims processing was one of two areas where carrier performance improved. Many brokers offered encouraging reviews of their carriers’ claims service, offering feedback such as “very responsive and willing to work with us on setting clients’ expectations” and “fast and efficient; [they] took care of everything.”

Several brokers expressed dissatisfaction specifically about their carriers’ inability to provide a timely response on catastrophe claims

For the most part, carriers’ claims services are meeting expectations, but brokers did acknowledge that there’s always room to improve. “Primarily prompt on claims; however, there are times when they drop the ball,” one respondent said. Another commended his carrier’s efforts to enhance the claims process, saying, “Some customers have complained about the claims handling, but I have seen an improvement in this area.” Another broker noted, however, that it can be difficult to judge a carrier’s claims service as a whole, because the claims experience and efficiency often depends on the adjuster assigned to the case.

One class of business that brokers find to be the most challenging when it comes to claims is catastrophe – several brokers expressed dissatisfaction specifically about their carriers’ inability to provide a timely response on catastrophe claims. “At times [claims] are very good, but very little extra capacity for weather events until the ‘cat team’ is called in, which takes weeks,” one respondent noted.

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