5 great conclusions from the 3rd Claims Forum Conference

24 March 2015 — Adina TUDOR
The 3rd Annual Claims Forum, which took place between the 11th and the 13th of March 2015, gathered in Munich, Germany, insurance professionals specializing in motor insurance. Besides studying various specific claims areas such as Nat Cat or bodily injuries, the top claims and fraud experts discussed compliance and regulations, CRM and effective claims management as well as many issues connected to the detection, investigation and prevention of fraud.

Here are 5 of the most beneficial ideas and conclusions from the 3rd Claims Forum Conference.

Tomorrow is a new day and my needs will be different from yours

"If your customers choose you out of the tens of insurance companies on the market, you must be doing something right. However, retention of your customers is not loyalty. Your interest is oriented toward clients who trust you, come back to you and spread the good word. They let you lead them; you just need to show them you are a good leader. Adjust your KPIs to the market and tailor your programs to the needs and resources of your country, region, client profiles and individuals as well." ("Focus on independent adjusters' performance" by Mario ANERO, Global Head of Property, Claims Excellence, General Insurance, ZURICH Insurance, Switzerland)

Without effective communication, you can close your business straightaway

"The way you treat your customers says much about the quality of service you provide them. Practice a high level of professionalism, be credible and show them your attention and focus on details. Do not forget to mind your language - under all circumstances. Encourage your clients not to tell you just a story; it's not enough - you also need to know what happened before and after the story. It is extremely important to control the way you speak; the way you move your body and use your facial expressions; the way you listen; and also the techniques you use for non-direct communication through new media. Communication is crucial. Keep in mind that working in the insurance industry, you should make an extraordinary effort to embody the right attitude. Learn to be a bit of a psychologist, a bit of a prophet, a bit of a lecturer and most importantly, an empathic human being." ("Investigative interviewing to combat fraud" by David FITZGERALD, Head of Claims, ALLIANZ, Ireland)

Attempts to stop fraud is only the beginning...

"Despite the fact that beating fraud is a daring wish and the path to a happy ending is not an easy one, adopting modern prevention procedures and tools should be a common goal across all lines of insurance business. However, the question remains: What is the best bet on fraud prevention? Should the human factor intervene within the increasing use of automated fraud detection processes? The human mind works in very interesting ways when it knows there is potential risk hanging in the air, and this claim is as valid for fraudsters as it is for investigators. Be that as it may, you have the final word when it comes to your business. Make sure you give proper consideration to fraud detection measures because fraud prevention is a strategy leading to customer satisfaction. Why should honest customers pay higher premiums for "successful" frauds, right? You are in charge of taking care of this." ("The role of fraud prevention in customer satisfaction" by Roland B. WORNER, Global Head of Counter Fraud GI Claims, ZURICH Insurance Company, Switzerland)

Solvency II has brought harmonized outsourcing across the EU as an element of the governance system

"There are only some nine months left until Solvency II, but it has already significantly extended the meaning of outsourcing of claims handling with regard to efficiency and data protection. The definition goes like this: An arrangement of any form by which a service provider performs a process, a service or an activity, whether directly or by sub-outsourcing, which would otherwise be performed by the insurance or reinsurance undertaking itself. Regulations are not about restrictions and making your life tough, they actually help, and as for Solvency II, it started to fulfill its mission even before its actual implementation." ("EU regulatory update" by Dieter PSCHEIDL, Representative to the EU, Austrian Insurance Association)

The best time for thorough and consistent calculation of future losses is now

"Changes on the financial market are hard to predict in the long-term. Inflation, discounting, mortality, re-openings... these are only some of the factors influencing the claims handling process. New methods for claims segmentation and gaining knowledge of trends towards annuities or standardized compensation schemes are only some of many examples of how to improve." ("Update on trends in compensation of large bodily injury claims across Europe" by Rita MULLER, Head of Casualty Claims Department Europe and Latin America, MUNICH Re, Germany)

The 3rd Annual Claims Forum was organized by FLEMING Europe. XPRIMM Publications supported the event as Media Partner.

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