Good broker service for UK contractors and housebuilders includes many different disciplines, from negotiation of complex renewals, advising on contract wordings/amendments and providing suitable evidence of cover to counterparties. However, when speaking to clients and prospects, several things become clear: (i) clients value professional and efficient claims service extremely highly, and (ii) brokers have not historically delivered to their customers’ expectations.
Ultimately the service provided by the insurance industry is the indemnification of our clients following insured losses. It should be obvious that the ability to navigate both routine and complex claims will be a cornerstone of good broker service. So why has the industry failed to meet historical expectations in this area?
There are probably many factors that contribute to this position, but short-sighted management can sometimes regard claims teams as not being revenue generating in the same way that client service and market broking teams are supposed to be. This results in a lack of investment in this area despite the client’s opposing views.
Putting this puzzle to one side, what should clients expect from the broker in this key area?
At Price Forbes, we recognise that a professional and effective claims service is not an add-on, it's fundamental to the value of the value a broker provides
This is the most basic of claims offering that brokers provide to clients. We will assist you with the notification of losses to the insurance market to ensure compliance with your policy terms and conditions. Once indemnity has been agreed, we will ensure that the settlement monies are collected and paid to you as soon as possible.
Construction insurance claims can have many complexities in relation to causation, contractual liability and policy liability. Our expert claims advocates work alongside our clients, proactively assisting with policy liability issues and helping navigate stormy seas. Our claims team are respected market practitioners with the depth of knowledge and relationships to ensure insurer engagement and deliver successful outcomes.
The introduction of the MoJ (Ministry of Justice) Portal for employer's liability (EL) and third party liability (TPL) claims in 2013 has transformed UK injury claims handling and created the opportunity for businesses to materially reduce claimant’s solicitor’s costs. Our Construction team works with its clients to establish effective and efficient claims process to ensure that these financial benefits are fully realised. This includes the acknowledgement of portal claims (within one working day) and liability determinations (within 30/40 working days). We will assist you to develop a practical process that reduces costs and therefore mitigates future premiums.
All brokers and insurers provide management information, but this frequently lacks the key ingredient, insight. Our preference is to deliver information that will assist our clients to reduce either claims occurrences, claims costs or ideally, both. Our experts will work with you and your insurers to achieve this.
Our philosophy is that claims should be reviewed regularly to ensure that reserves remain realistic and that the claims are being handled proactively and efficiently. We find that this level of scrutiny minimises claims leakage and ultimately additional premium. We arrange a programme of claims reviews and audits throughout the policy year and in the preparation for renewal to ensure that unnecessary reserves and costs do not affect annual premiums.
One of our key objectives is to improve client understanding of policy coverage. We find this is best achieved through the development of claims scenarios which we use to stress test our clients’ policy coverage. This highlights any shortfalls in client expectations which can then be promptly addressed.
When a claim happens, your broker should bring clarity, momentum and informed advocacy at every stage. If your current claims service is not meeting your expectations, speak to our Price Forbes Construction team. We will help you understand what better looks like and how a more proactive approach can protect your business, your balance sheet and your future.
Our Construction division is built with clear purpose: to deliver innovative, straightforward insurance solutions precisely tailored to your needs. We believe in removing complexity, so you can build with confidence.
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