Did anyone partake in this survey
My post yesterday on two topics the supposed statistics of dodgy claims and the rise of the direct market in business insurance certainly generated a lot of response with heaps of emails on both.
Last night I posted a follow up on the second issue, and this morning following further emails over night I thought I would add further comment on the first issue of the alleged number of dodgy claims.
While I have the highest regard for KPMG and if it were anyone else then British Prime Minister Benjamin Disraeli’s famous line wouuld have come to mind: “There are three kinds of lies: lies, damned lies, and statistics”
The key point from brokers, and my the claims team at LMI is that the vast majority of Insureds do not know what they do not know. As a result they often under claim their entitlement under their policy.
Add to this unqualified field claims handlers including some assessors and investigators who are not trained loss adjusters with little or no background in insurance who have not read the policy themselves and think their job is to cut the claim down no matter what and what they may claim is a dodgy item could in fact be a genuine claim.
In the vast majority of claims that are referred back to brokers and or LMI the amount is often put up to where it ought to be with no hint of fraud. It is just that good brokers and claims preparers are trained, have read the policy, often having input into the coverage, and understand the basics of insurance.
Not one person who wrote to me thought that the statistic quoted in this article could be anywhere near the true position. Like me, all felt that, most insureds under claimed seeking a fast resolution to their claim so that they have as little hassle as possible dealing with their insurer.
Yes there is the odd dishonest claimant and it is in everyone in the industry’s role to weed them out as we all pay for it but the last thing any of us need is for every insured to be treated as dodgy until proven innocent with a document request list and proof of ownership requirement that is impossible for the normal person to provide.
At the end of the day both sides need to show utmost good faith to the other for this industry to remain relevant and sustainable. What we cannot afford is the untrained to be embolden by this report and treat the insuring public worse than ever.
As part of my Make Insurance Great Again campaign, the Mansfield Awards will recognise the best claims departments within the insurance industry to recognize and thank them for delivering their organistations promise to be there for their clients at their hour of need and to help drive positive change within the insurance industry.
I will be writing more on this shortly but in the meantime, if you or anyone has great or poor service please ask them to complete the survey at www.claimscomparison.com.