“Long-awaited” best practice guide for insurers
AIRMIC (the Association of Insurance and Risk Managers) has published its best practice guide, to provide insurers with a set of benchmarks for insurance claims service. The document, which follows more than two years of market consultation including several workshops, has two main functions: as a tool for insurance buyers; and as a reference point for insurers.
The guide is part of a programme by the Association to give insurers the opportunity to demonstrate how they measure up.
The document identifies eight components that determine the quality of a claims service, and the factors that help to demonstrate that they come up to standard.
Chapters for best practice include guidance on insurance and claims handling culture and philosophy, claims procedures, data management, and monitoring and assessment.
John Hurrell, AIRMIC chief executive, said the standards will have widespread support from the market. “Our insurer-partners have given this project 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.”
He explained its objective is to establish: “a claims handling culture and service that ensures claims are managed in a consistent, yet flexible and fair manner that is transparent, accurate and timely, as well as secure and compliant”.
Kip Berkeley-Herring, Chair of AIRMIC ‘s insurance steering group, said: “This guide is an excellent example of how AIRMIC is supporting its members by giving them practical help. I’m confident it will prove useful to buyers and claims managers alike.”