How to deal with insurance brokers
Currently your customers, who keep record of their claims, must carry out a double work — to enter the claims into their system or spreadsheets and then enter the same information into reports for the insurers. This is followed by communication via email or telephone, what also takes the time and does not help to accelerate the process. ClaimsControl saves their time — here they need to enter information only once, and all the participants of the case receives it automatically.
And those, who use spreadsheets or does not account their claims at all, can start using ClaimsControl for free. The most important thing for the customer is that ClaimsControl will be his own claims system. He will not need to change it if he will change the insurer or broker. And last, but not least — customers will be happy knowing that their broker gets closer to the claims process. They will decide for themselves which communication method to choose: The only thing a broker could take care is the integration with its policy system.
You can embed our claims report form into your website and ask your clients to report the claims there. After filling it, the customer will receive an email with the link to this particular claim case. He can chat, add data and follow the settlement process online. You can choose if the reported claim will be sent to the insurer immediately or only after your review.
Start with small steps. Create a free account , test the system and contact us to discuss what you are missing there. When we will implement your needs, start a pilot with some of your clients. So, gradually, your clients will start getting the new quality of service from you.
Start now and bring customer experience to the next level! Leave this field empty. Insurance brokers might charge you a fee for their services, or they might receive a commission from the insurance company. They are required to advise you of the fees that they charge or the commission they receive. This may be set out in the Financial Services Guide, Product Disclosure Statement or where a broker has provided you with personal financial advice, the fees and costs associated with their advice will be set out in your Statement of Advice.
Just as you would spend some time trying to make sure that the insurance policy you choose is the right one for you, if you decide to use an insurance broker you should make sure that the person you appoint is going to help you in your particular situation. To find a broker visit www. There are general conduct obligations that apply to all financial services licensees and authorised representatives and specific conduct obligations that apply to an adviser who provides personal financial product advice.
Where a broker provides you with personal financial advice then in accordance with the Corporations Act they must:. Brokers are required to be members of an authorised external dispute resolution scheme as a condition of their AFS licence. Brokers are bound by the decisions of FOS. If you do have a complaint about the services being provided by your insurance broker, in the first instance you should raise it with them.
All insurance brokers should have an internal complaints and disputes handling process designed to help resolve any complaint. If it is not possible to resolve the complaint to your satisfaction through this process, you can refer the unresolved complaint called a dispute to the free and independent external dispute resolution process administered by the Financial Ombudsman Service FOS.
FOS will examine your dispute and if it is within its jurisdiction, seek to resolve it by liaising with you and the insurance broker. If the dispute cannot be resolved, FOS can make a determination imposing binding sanctions on an insurance broker after considering the available evidence. While the above process is designed to make things easier for you, you still have your normal legal rights regarding any dispute.
Reassuringly, there are very few disputes involving insurance brokers each year. In the financial year, disputes against brokers made up only 2. If you have a complaint about the products or services being provided by your insurance company, please refer to the section resolving disputes.
Insurance brokers work with their clients to understand their risks, and to discuss how to use insurance to protect their assets and businesses. Brokers offer expert advice on the management and reduction of risk, and on the range of insurance products that are available. The same skills and networks are also used to help their clients resolve claims when they arise. An insurance broker can save you time, money and worry. A broker can help you understand the cover you need, and can purchase that cover for you from the insurance market.
The advice is tailored to your needs. The most common types of insurance brokers arrange are business packages, commercial motor and professional indemnity. However, nearly all brokerages also provide assistance for everyday types of insurance, such as home insurance and private motor insurance, for clients. Many insurance brokers get paid a commission by the insurance companies when the policies are purchased. Other insurance brokers act on a fee-for-service basis, and negotiate the fees they charge with their clients.
Ask your broker to explain the situation to you. It can cost less because brokers have knowledge of the insurance market and can negotiate competitive premiums on your behalf.
A broker is obliged to advise you of the fees charged for the services provided to you, so there are no hidden costs. Fees should be set out in the Financial Services Guide, Product Disclosure Statement PDS or where a broker has provided you with personal financial advice, the fees and costs associated with their advice will be set out in your Statement of Advice.
Remember, not all insurance policies are the same. You might be able to get a cheaper policy elsewhere, but it may not provide the cover you need if something goes wrong.