Managing An Effective Claims Function - ZISHI

Managing An Effective Claims Function

This half day training session will allow delegates to fully understand the importance of managing a claims function effectively.

CPD:

3 CPD Hours

managing-an-effective-claims-function-flyer

Price per person (Ex. VAT): Provided on request

KEY BENEFITS

  • Describe the basic claims handling process
  • Explain the regulatory requirements relating to claims handling
  • Consider the effectiveness of governance and controls around claims handling in their own organisation and the implications of not doing things right
  • Explain the requirements relating to handling claims-related complaints

COURSE OVERVIEW

“A claim is the defining moment in the relationship between an insurer and its customer. It’s the chance to show that the years spent paying premiums were worth the expense. If a claim is handled well, retention rates may rise. If handled poorly, the insurer may not only lose the customer, but also damage its wider reputation.”

Source: “Cutting the cost of insurance claims” – pwc

The speed and accuracy with which claims are handled are major drivers of service differentiation in an industry that is resolutely price-competitive. Because customer expectation is high and tolerance of poor performance is low, it is in a business’s own interests to make sure that it does all that it can to get things right first time and to respond quickly and efficiently when errors occur.

Also, insurance – by its nature – is open to abuse either through the actions of one-off opportunists, or from those who perpetrate organised crime. Fraud is the biggest area of concern and the UK insurance industry and its regulators are becoming increasingly successful at detecting it and punishing those responsible.

 

The Course Agenda

Claims handling – how it works

  • Claims handling – the basic process
    • The claim form
    • Third Party Claims
    • Double Insurance
    • Claims settlement
  • Rejecting a claim

 

Claims handling and regulation

  • Claims handling and the FCA’s Principles for Businesses
  • Insurance Conduct of Business Sourcebook (ICOBS) 8: Claims Handling
  • Treating Customers Fairly
  • FCA’s Thematic Reviews
  • Lloyd’s minimum standards

 

Governance and controls

  • Preventing claims fraud and the Fraud Act 2006
  • Policies and procedures
  • The use of Information Technology (IT) in claims handling and its benefits
  • Management accountability
  • Outsourcing claims handling
  • Auditing claims
  • Management reporting

 

Handing claims related complaints

  • FCA & Lloyd’s requirements
  • Financial Ombudsman Service (FOS)

If you have any questions about this course, please feel free to get in touch via email on info@thezishi.com or by calling 01908 395243.

This half day training session will allow delegates to fully understand the importance of managing a claims function effectively.

CPD:

3 CPD Hours

managing-an-effective-claims-function-flyer

Price per person (Ex. VAT): Provided on request

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