As we enter the active EOFY period – a question for many brokers is how can they help their insureds get the best result at renewal? This is especially in a time where we are seeing signs of a hardening market, such as in property. This was reflected today by the account executives at Austbrokers in Sydney who we met today to present on liability trends and our claims management insights. They are seeing a change with property and PI and D&O in the automobile, retail and care and disability industries.
Marianne shared tort jurisdictional differences and relevant case law to identify trends and issues that impact on the insureds and how general damages are on the increase. We discussed the state of the market and how insureds with frequency accounts and higher deductibles can mitigate their risk and claims costs by adopting an early and rapid notification process, rather than a defensive and reactive approach which ends up costing more and ends up on their claims history.
Whether the insured is in the retail, aged care, jumping trampoline or construction industries – Proclaim recommend rapid reporting of incidents, coupled with data mining to analyse and reduce risks. These both help to quickly enhance the corporate’s brand. This is very relevant in today’s instantaneous and fishbowl social media culture – where unhappy customers will be quick to share a negative experience via their smart phones. Being able to capture meaningful risk data will help to identify areas of the business that need improving. We have seen how quickly a portfolio can be overhauled from a fractured process to a seamless proactive model with the best claim results. It puts insured’s ahead of the game especially when the market hardens so that they can advance themselves as the best in their industry, and know they are in control of their risk.
Written by Marianne Emerson – National Corporate Manager