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Claims

Claim time is when your insurance policy really proves itself. After all, it's when the financial back-up plan you put in place 'just in case' has to kick in to provide financial security to you and your family.

If you do have to make a claim, your circumstances aren't going to be great, so insurers have robust claims processes in place to help make the claims process as quick as possible.

Many insurers also offer additional support services, like access to an independent counsellor, or rehabilitation services, where appropriate. Some insurers also offer a financial planning benefit, so that you can get professional advice on how to make the most of your claimed benefit for your family's financial future.

At claim time you'll be asked to complete a claim form. You will need to provide details about the condition including diagnosis and doctor's appointments and you will be asked to supply copies of medical certificates, reports or tests as well as your original policy documents. If you are claiming on a Life Insurance policy you will need to supply a copy of the death certificate.


How does the insurance claims process work?

The claims process usually proceeds in predictable steps. Before you file a claim, you must notify people who may be responsible for the accident that you've been hurt and intend to file a claim for your injuries. This increases your chances of getting a quick settlement and prevents others from later saying that your claim unfairly surprised them.

Next, after you've taken time to thoroughly investigate your claim by gathering evidence, establishing who's responsible for the accident, determining what you believe your claim is worth, and planning good arguments, you will write a formal demand letter and submit it to the insurance company of the person who you believe is responsible for your injuries. (This may include your own insurance company -- for example, if you are covered by a no-fault automobile policy or need to make a claim for uninsured or underinsured motorist coverage.) From there, you will engage in informal negotiations with the insurance company until you agree on a settlement you can live with.

Many insurance claims are that simple, though sometimes you may find yourself dealing with a stubborn or unreasonable claims adjuster. If that's the case, you must resort to more determined negotiation tactics -- or perhaps consult an experienced personal injury lawyer. If all else fails, you may even have to take your case to court.


Underwriting

In insurance, underwriting is to sign and accept liability and guaranteeing payment in case loss or damage occurs. Underwriting is provided by a large financial service provider such as a bank, insurer or investment house.


What Insurance Underwriters Do

Insurance underwriters decide whether to provide insurance and under what terms. They evaluate insurance applications and determine coverage amounts and premiums.

Insurance underwriters decide if applications for insurance cover (risks) should be accepted and, if so, what the terms of that acceptance are. They assess a risk according to the likelihood of a claim being made by weighing up a number of factors and asking for detailed information from prospective clients (policyholders). The aim is to minimise losses for their company and help to make a profit.

Most underwriters specialise in one type of insurance. The main types of insurance are:

  • General Insurance: Covers Household, Motor, Travel
  • Life Insurance/Assurance: Covers Illness, Injury, Death
  • Commercial Insurance: Covers Companies

Insurance underwriters work closely with actuaries, risk and claims managers to ensure a balance between attracting and retaining customers through competitive insurance premiums (fees) and being able to cover any potential losses from claims.


Typical work activities

Daily activities vary according to the type of insurance offered by the company but may include:

  • Studying insurance proposals;
  • Gathering and assessing background information in order to effectively assess the risk involved;
  • Calculating possible risk and deciding how much individuals or organisations should pay for insurance (the premium);
  • Deciding whether the risk should be shared with a reinsurer;
  • Computing results for appropriate premiums using actuarial information, other statistics and own judgement;
  • Visiting brokers or potential customers and preparing quotes;
  • Liaising with specialists, such as surveyors or doctors, for risk assessment;
  • Gathering information and various types of reports (e.g. medical records) from specialists;
  • Negotiating terms with policyholders or their brokers;
  • Ensuring that premiums are competitive;
  • Specifying conditions to be imposed on different types of policies, for example, asking that a property owner install a security alarm;
  • Negotiating with brokers and drawing up contracts;
  • Writing policies;
  • Keeping detailed and accurate records of policies underwritten and decisions made.

The Underwriting Process

The underwriting guidelines differ for each insurance company, but the process is essentially the same for each of them. The steps for the underwriting process are outlined below.

Collect Information - Information collection is the first step of the underwriting process. The underwriter requires knowledge of several key pieces of information in order to properly evaluate the potential client. This information will vary depending on the type of insurance policy for which the client is applying.

For example, when an individual is applying for automobile insurance, the underwriter will collect information such as the VIN numbers for the cars being insured, Motor Vehicle Reports for the potential client, loss histories from the potential client's previous insurance company and any other information that may apply.

Analyze Information - After the required information is gathered, the underwriter begins the process of analyzing each piece of information. He or she follows the specific underwriting guidelines that the insurance company sets forth. These guidelines are used to evaluate all information that is gathered.

There are different levels of authority among underwriters. If the underwriter determines after her analysis that a decision needs to be made by an underwriter who has more authority, the information will be passed onto that particular underwriter.

The purpose of analyzing the gathered information is to predict the amount of risk a potential client will pose for the insurance company. Using the auto insurance example above, a client who has a clean driving record and good credit is generally preferable to someone who has had several driving infractions or automobile accidents.

Identify Options - After the information has been analyzed, the underwriter works to identify the options available for potential clients. These options are related to the type of risk class to which potential clients are assigned. The options are as follows:

  • Approve the issuing of a policy by accepting the insurance application.
  • Deny the request for coverage.
  • Accept the application but attach conditions for coverage.

If the underwriter approves the application, it will be forwarded to the applicable policy processing department for completion. If the application is denied, a rejection letter will be issued to the agent and client. If modifications need to be made, the application will be sent back to the insurance agent who will review it with the potential client.


Factors That Can Prolong the Process

The time it takes for an underwriting to be completed can vary widely depending on a number of factors. For cases with few requirements, the entire process may take as little as a day or two. For more complicated cases, the process can take much longer.

One of the factors that prolongs the underwriting process the most is trouble verifying the information provided by the applicant. Applicants can avoid this by providing as much information and documentation as possible. Because the underwriter will not have to spend time looking for this information, the process can be sped up considerably.

Underwriting is vital for providing the insurance company a way to access the risks of potential clients. This process protects the company from taking on clients who are prone to a large amount of incidents for which the insurance company will be responsible for covering. Underwriting ultimately benefits both the insurance company and the clients it insures by keeping premiums at a minimum and lowering the risk of loss.


Insurance Consultancy

An insurance broker is a specialist in insurance and risk management. Brokers act on behalf of their clients and provide advice in the interests of their clients. Sometimes an insurance broker will act as agent of an insurer, but where this occurs the situation should be fully explained to you.

We offer a wide range of expertise to help our clients adapt to a changing insurance market and boost their businesses in the short-term while positioning themselves for long-term success:

Strategy: We develop and refine corporate and growth strategies that reflect the latest market dynamics, including the changing regulatory environment.

Customer Strategy: We work with our clients to develop insights and strategies to nurture customer relationships and earn customer loyalty that fuels growth and lowers costs.

Advanced analytics: We develop analytics strategies that help insurance companies mine data for insights and enable decision making.

Organization: We help insurance companies build winning operating models and ensure their organizations are set up to succeed.

Performance Improvement and Operations: Our experts help companies increase efficiency and lower costs to quickly achieve and sustain full potential.

Technology strategy: We work with companies to increase the agility of their information technology and digital assets to better meet customer expectations.

Compliance: We support insurance compliance and risk officers and their teams in satisfying the demands of more complex regulations while also helping their companies grow their top and bottom lines.

We also provide insurance companies with critical support during due diligence and merger integration through our in-depth expertise in mergers and acquisitions and private equity.

In addition to working in tandem with our clients to develop recommendations and solutions to their challenges, Bain's unique approach to change management, called Results Delivery, is embedded in every Bain engagement and ensures that our clients can successfully implement recommendations by predicting, measuring and managing risk.


Risk Management

Being reassured that you have the best cover for your business at times of crisis and external pressures is vital.

As an independent broker that takes the time to understand your company's processes - and who is equipped with the knowledge and expertise to review them and improve your risk position - we protect your assets and manage your exposure to risk in areas such as:

  • Health and Safety
  • Fleet Management
  • Disaster Recovery
  • Business Continuity

Our highly experienced team which has sector-specific expertise, becomes integral to your company by recommending ways to minimise your risk while seeking out the best premiums at the most cost-effective prices and ensuring due diligence. By lowering your risk exposure Henderson Insurance Brokers also reduces your long-term renewal premiums.

Authentic Insurance Brokers India Limited is a reliable provider of risk management solutions to businesses across all sectors, offering support in areas such as Health and Safety, Loss Control, Fleet Risk, Business Continuity, Environmental Risk, Employment Law, Training and Fire Risk Assessment.

These services are delivered providing a cost-effective service tailored to your specific support needs.

Authentic Insurance Brokers India Limited provides a range of services to help our clients achieve statutory compliance, avoid losses and improve the risk profile of their organisation or business.


Insurance Need


We offer excellent Service and competitive prices from a number of highly rated insurance companies. Unlike agents, Insurance Services are not limited to one insurance company, thus you don't need to change agents when your insurance needs change.

We offers a one stop shopping for all your insurance needs. We perform annual reviews of your policies to ensure you are receiving the best value.

Meeting your needs is our # 1 priority.