In September 2020, Deloitte Access Economics released a report outlining the value provided by insurance Brokers. The report highlighted that those Brokers supporting Clients throughout the claims process can lead to better outcomes for Clients.
This conclusion was expected for insurance practitioners who understand the role of a Broker in the claim process, which includes:
Time Savings for Clients
The report found that 41% of SME Clients would have felt that the claims process was ‘much harder’ without the support of a Broker. Clients also noted Brokers’ support in managing communications throughout the repair process, including arranging quotes and scheduling works in a manner that required limited engagement for the Client. This allowed the business owner to focus on returning to trading as efficiently as possible.
Broker’s Advocacy
The Broker’s primary role is to support Clients through the process. Brokers are familiar with the Insurers’ processes to lodge claims and handle communications. They can assist with completing forms if required, guiding the Client in the right direction, and collating the necessary documents and information needed to support the claim. The Broker will normally have a strong relationship with the Insurer, allowing them leverage when managing delicate claims and often achieve better solutions for their Clients.
Your Broker is the expert, and in most cases, the Broker’s knowledge and expertise are superior to that of the staff who work in the Insurers’ Claims department. Clients also value a Brokers’ emotional support during the claims process.
More Favourable Claims Payout
A favourable claims outcome for a Client may reflect their Broker’s ability to tailor products at the product purchase stage. Insures agreed with the proposition that Clients who engage Brokers in the claims process tend to receive higher claims payouts.
Deloitte’s report found Brokers’ Clients are more than twice as likely to be fully covered for their claims and Broker users had a higher amount of loss covered, with 87% of Broker users covered more than half of their claim, as compared with 75% of direct buyers.
Remember, only your trusted Broker is on your side during the claims process!