Brokers should look to highlight their value to clients in the event of a claim in a bid to stave off industry competition, an expert has said.
Brent Lehmann, general manager affinity & commercial – Australasia, at Willis Towers Watson, said that brokers need to highlight their claims role more as a way to win and retain clients.
“I don’t think brokers use that to their advantage anywhere near as much as they should,” Lehmann told
Insurance Business. “You cannot underestimate the importance of a broker when it comes to managing through the claims cycle.”
With Willis Towers Watson recently revealing that claims could be the next technology battleground for the industry, brokers that focus on the value they offer during the claims process could place themselves in a strong position, he suggested.
Lehmann said that Willis Towers Watson has recently launched an experimental practice within its private insurance business where customers can transact online, directly with an insurer but retain the knowledge of the global firm in the event of a claim. The business steps in when a claim occurs and negotiates with the insurer on behalf of the client, standing with them throughout the claims process.
This unorthodox claims management role could prove useful for other brokers too – they could utilise their vast industry knowledge when businesses need it the most.
“In the insurance industry your relationship with a client or customer is based on a promise for a future point in time and you have to deliver on that promise,” Lehmann continued. “That promise comes to the realisation when a claim is submitted.”
Statistics show that, regardless of outcome, NPS scores of brokers and insurers involved in a claim deteriorate after the claims process is complete.
“There is a real issue there with what clients expect versus what is being delivered,” Lehmann said.
He noted that the industry needs to work on building more positive touchpoints between its stakeholders and clients over the course of the year as it moves from a transactional partner model to a more trusted advisor role.
“Just having that touch point at renewal or the point of claim, which are negative experiences, or unwelcome experiences, everyone in the industry needs to work out how you can introduce positive touch points where people can benefit through their participation in the insurance industry,” he concluded.
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