AIRMIC, which represents nearly 1,000 risk managers, including 75% of the FTSE 100 believe standards are set to improve following publication of a new best practice guide.
The Association of Insurance and Risk Managers state the guide will give insurers the opportunity to demonstrate how they measure up to the criteria set out in the document. The association has embarked upon a series of discussions with leading insurers and already secured agreement with some of the major insurance companies such as AXA, AIG, Royal Sun Alliance and Zurich about applying the guide.
The document lays down 8 areas that determine the measure on the quality of the claims handling services of any particular insurer together with the factors which help to demonstrate the necessary evidentiary information to prove they measure up to standard.
The components are: Culture and Philosophy; Communications; People; Infrastructure; Claims Procedures; Data Management; Operations; Monitoring and Review.
The guide has been produced following a series of discussions instigated by insurers approached AIRMIC, asking for help in assessing their claims services. Airmic said it wanted the document to have two main functions – as a tool for insurance buyers and as a reference point for insurers.
John Hurrell, CEO says:
Consider These:“Our insurer-partners have given this project their wholehearted support. They genuinely wish to demonstrate that they have an excellent claims service because that is, after all, why people buy insurance. The major brokers are also behind us.”
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