Ours is a unique claims model. We use inhouse solicitors and managers rather than external third party claims administrators and law firms.
The advantages of our approach are:
1. It reduces defence costs by up to 45%, which savings can then be reflected in more competitive premiums.
2. Claims handling is more efficient as our solicitor or claims manager deals direct with the insured, whilst keeping you, the broker, regularly appraised of developments.
3. Speedier resolution of the claim through a pro-active approach to the dispute. No waiting around until the claim escalates, running up unnecessary legal costs.
4. Unmeritorious claims can be firmly but fairly fought without having to settle them early due to potentially large legal costs. As our costs
are relatively low, we can fight unmeritorious claims. By the same token, a reasaonably toned letter of response to an unmeritorious claim can often put it to bed before the complainant’s frustration in inaction leads to him engaging a lawyer and the litigation process commences.
5. Quicker payment of valid claims as we are directly involved, not just one link in a long chain.
6. More accurate reserving as our model involves assessing the “likely settlement outcome” in the first 60 to 90 days, rather than “step” reserving as the claim escalates.
How does it work in practice?
As soon as the insured is aware of a claim or potential claim, the insured notifies you, the broker, and you notify us. From then on, we are in direct contact with the insured, whilst keeping you as informed as you wish to be.
Send completed claim forms to: email@example.com
There is no conflict as to indemnity under the policy. On the rare occasion indemnity is not granted, the insured will appoint their own solicitors, just as they would if we were using outside lawyers.
If indemnity is granted, we hold the hand of the insured during the entire claims process.
If it is an unmeritorious “try on” claim, we will draft a firm letter of denial, whilst at the same time making the complainant feel that his complaint is being taken seriously.
If the claim continues, we investigate the matter with the insured and prepare our initial liability report and seek to set an accurate “likely settlement sum” reserve within 60 to 90 days, depending on the complexity of the matter.
We go on the Court record if litigation is commenced and instruct a barrister directly to prepare pleadings and attend in Court. We act as if we were an outside law firm instructed by the insurer.
We have the running of the matter, subject to input at any time by our backing insurers. If we recommend a payment, that payment can be made very quickly.
All in all, it makes your and your client’s job a lot easier. Our service means that you don’t have to be as involved in the claims process as you otherwise would be. What’s more, we hope the service means that your client remains loyal, even if his premium goes up due to the claim.