Brokers’ battling the claims process
Research from the British Insurance Brokers’ Association has shown that 89% of brokers believe that insurers have become much more strict when it comes to paying claim, blaming the economic downturn as well as an increasing number of fraudulent applications.
In the past year, brokers claim that they have had to fight much harder on behalf of their clients in order to have a claim accepted and at least 70% of brokers have managed to overturn a rejected claim or have succeeded in obtaining a higher payout.
One example given shows an insurance company that had initially refused to pay out for a claim against a stolen Land Rover Discovery. However, following the broker’s involvement and their knowledge of the situation, this ensured that the claim was eventually paid out, to the tune of £35,000.
Although many clients choose to cut out the middle man, and go direct for their insurance, this research is good news for brokers, highlighting the importance of knowledge and support at times when it is most needed.