What makes a truly great claims experience for brokers and customers?
"The fact that we are claiming that people are on the business development team shows that this is essential to us," he said. “And if we could physically sit in the office, you would also see our claims handlers on the underwriting teams, as the underwriters can learn a lot from claims for damages related to previous experiences or similar clients. Some insurers are trying to hold on separate what is okay from an operational perspective, but not from a collaborative perspective. "
Consistent with the fact that claims are the product of insurance, Stephenson emphasized that the best claims proposals are those that are defined before loss. Customers need to be familiar with their product beforehand, he said, saying exactly what will be delivered from the start. The difference between a gold-plated and a conventional claim is therefore communication against loss, accessibility and transparency.
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Clear and user-friendly wording is part of that, he said, but it goes beyond including services like disaster scenario workshops to encourage them to investigate what to do in the event of an incident. These also make customers think differently and think about scenarios they may not have considered before. This is what insurance partners should be doing for customers, he said - preparing them for various possible scenarios and protecting them in the unfortunate event of an incident.
Stephenson, who has been with Liberty as a broker for a decade, highlighted how brokers have found his division to be a bit unusual among insurers as it has two claims specialists on their team. In his view, he said, this brings the client's offering and Liberty capabilities to the fore much faster than would have been the case if the conventional route had been taken. This goes back to the value of a well-integrated claims offer that touches everything: from business development to underwriting to risk engineering. Essentially, it's all about the client's needs - something brokers implicitly understand.
"When it comes to broker relationships, you can have a transactional relationship or a trusted advisor relationship," he said. “And we strive for a trustworthy advisory relationship in which the broker and client come to our deliberate opinion, and not just a transaction placement of their risk where we talk about renewal terms a year later. We prefer this direct relationship with our brokers and our clients. "
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COVID has been a long road for everyone, Stephenson said, but part of what it means to have a great claims experience is inexhaustible, a trait he attributes to his team. Feedback from the brokers shows that Zoom calls and availability, as well as the people turning off their cameras, are a little tired, but the Liberty team pride themselves on keeping that connection up and running. It is a matter of respect that when they have bad news to convey, they ensure that they convey it with the cameras on, as the insurance promise is to be present on both good and bad news.
Although the insurance sector has generally adapted to the digital-first tools and channels demanded by the pandemic, Stephenson believes that personal interaction remains a core value across the claims area. Certain conversations simply need to be conducted this way, and he looks forward to spending that time soon with his team, clients and broker partners. Of course, digital interaction will not go away as it has proven to be the right channel for certain meetings and discussions and will continue to do so.
"What I think digital really did is create a new expectation of lead times, which I don't think is a bad thing," he said. “Everyone expects instant answers now, if you go back a generation it wasn't ... The digital world has forever changed expectations and it is the ones who can meet those who will succeed. And that's what we're aiming for. We want to be at the top and not lag behind. "
Find out more about the differentiated claims experience of Liberty Specialty Markets here.
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