Brokers are fighting for clients' insurance claims
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Brokers are fighting harder in the downturn to get fairer claims payments from insurers, British Insurance Brokers’Association data reveals.
The research shows that during the economic downturn there has been stricter policy interpretations and anti-fraud systems by insurers.
Two-thirds of broker respondents say they had to get tough with insurers on behalf of customers to get claims paid in the current economic climate and 93% regularly negotiate up to a 20% uplift on claims settlements.
The situation has deteriorated since last year with almost a 10% increase in brokers who said they had to fight harder for customer’s payouts.
Eric Galbraith, chief executive of BIBA, says: “Insurers are tightening their belts with stricter interpretations of policy wordings.This demonstrates the importance of having a broker to fight your corner during a claim.
“Many consumers do not have the experience or knowledge to negotiate claims payments themselves. Brokers know how to evidence and support negotiations through their understanding of policy wordings, relevant case law and their relationship with the insurer.”
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