Insurance claims are not easy to deal with. They often involve volumes of paperwork, numerous phone calls when you spend most of your time on hold and sifting through the fine print of your policy, trying to understand all the technical terms and conditions. They can be stressful and can take your attention away from what's most important - getting your life or business back on track.
So what does having an insurance broker do for you when it comes to handling a claim? How does going through a broker reduce this complexity?
Part of Vero's 2019 SME Insurance Index report looked at the claims experience by asking respondents numerous questions about their claim. Look specifically at dissatisfaction with the claims experience, they asked that if they were disappointed with their experience, why were they disappointed?
The biggest reason for dissatisfaction was the claims process not being very clear at 53%. This was followed by:
- It took a long time to process the claim - 38%
- There was little or no communication during the claims process - 28%
- I didn't realise I wasn't appropriately covered - 24%
- I only received a partial amount of the claim - 22%
They also asked respondents about the complexity of their claim. 58% of respondents who managed their claim on their own believed that their claim was complicated whereas the 30% who had an insurance broker manage their claim believed their claim was complicated.
Finally, respondents who used a broker were asked how different they think their claims experience would have been if a broker wasn't involved. 41% of this group felt that their experience would have been much harder without their broker's involvement.
Your broker will essentially act as an intermediary on your behalf throughout the entire claims process. They will walk you through the process of making a claim step by step, ensuring that you understand everything is required of you.
They will also assist you in filling out any complicated paperwork and keep you updated throughout the entire process. You don't need to worry about deciphering insurance jargon or being on hold with your insurance company for hours, your broker will take care of that.
Additionally, if you arrange your insurance through a broker, you can feel confident that you have received the appropriate advice and will be in the best possible position should you need to make a claim. It's their job to recommend the policy that best suits your needs.
When you think about it, your broker is the professional in your corner, who comes out fighting for you at claim time to get you the best possible result. They are your best friend at claim time.
If you would like an Insurance House broker to review your current insurance policies or if you wish to talk with a broker about what they can do for you, please call us on 1300 305 834.
Our advice is general in nature. To read the full General Advice Warning click here