Home / International / Shortage of expertise affecting clients
12 August 2019
The complexities of the current global claims environment is straining available expertise and resources for insurers, adjusters and others and is starting to affect clients, Aon says.
Its market insights paper warns the firmer insurance market is causing challenges in securing timely coverage decisions and the “agreement to loss quantum” in business interruption.
It says efforts to automate claims reporting, notification and administration must deliver benefits to clients along with reduced costs, and more collaboration between insurers, brokers, clients and other parties is the key to claims results.
In both the construction insurance industry and marine, more clients are relying on outside legal opinions for claims that are generally not complex and would have previously been resolved in-house by the insurer, the paper says.
In the professional industries (lawyers, accountants, architects, consultants) global claims severity is increasing generally, with claims payments exceeding $100 million, and the cost of defending professional negligence growing as well.
Aon says that in the Pacific region – which includes Australia – insurers’ ability to find senior claims advocates in a tight labour market has been a challenge, and many insurers are heavily investing in technology to streamline their processes.