The broker role
The industry has moved a long way in terms of product transparency and support for consumers. The pressure to evolve will continue in line with the needs of consumers and society but, in the meantime, brokers have a central role to play in helping to get more claims paid.
Research shows that people tend to trust in financial advice. Indeed, the top reason given for choosing a certain brand when purchasing protection was found to be advice from an adviser/ broker/ or bank, according to The Syndicate’s research.
Alongside carefully matching a brand and product to needs, it’s essential to also take time to guide consumers through the application process.
Neal Hartley, team leader, private medical insurance, at Assured Futures, states: “More people would find their claims do get paid if they use specialist brokers, as they would fully understand the limitations to claims based on the underwriting terms applied.
"In turn, fewer clients would try to claim for ‘non-eligible/non-legitimate’ claims on their policies. The ratio of accepted to declined claims would then improve.
“It’s not necessarily the case that there is a way to get more claims paid, just that we must all do everything we can to ensure that clients understand their policies better from the outset.”
Kevin Carr is managing director of Carr Communications
