Liz Latter: Innovation in complex household claims is often overlooked | Computer maintenance
Insurtech Qlaims today launched Qlaims Assistance – a new personal lines insurance product for individuals – which appoints an FCA regulated claims adjuster to negotiate and manage household claims plans.
For claims over £ 5,000, the policy aims to provide clients with their own independent and licensed expert to prepare and negotiate their claim with their insurers, as well as to help start repair work by accessing a network of trades and specialized skills.
Policies can be purchased as ancillary coverage by personal lines brokers through Qlaims’ quote and link portal, U-Quote.
Coverage can also be incorporated into the wording of home insurance policies by brokers, AGs or insurers wishing to provide additional support to clients.
Addressed exclusively to Insurance time, Qlaims Chief Executive Officer Liz Latter said: “We are seeing advancements in the market in dealing with simple, low-cost household complaints and this is great news, but innovation in the area of claims is growing. large and more complex is often overlooked.
“The inclusion of Qlaims Assistance in home insurance coverage provides benefits to all parties involved in the loss and puts the customer at the center of decision making.
The capability for this loss recovery insurance product is provided by Great American International Insurance (UK) Limited, which was rated A + by Standard and Poor’s (S&P) in June 2021.
Take the helm
Just six months after joining Qlaims in September 2020, the latter was promoted from commercial director “to take the helm” as general manager.
According to the latter, the former CEO of Qlaims, Malcolm Harvey, is “still very involved” in the company, as executive director and ambassador of insurtech.
She explained that Harvey invented loss recovery insurance in 1986, based on the business theory of “disruptive innovation” – this was later defined by the late academic and business consultant Clayton Magleby Christensen in 1995. This is an innovation that creates a new market and value. network that eventually replaces established and market-leading companies, products and alliances
“Malcolm and I have a great working relationship,” said the latter. “He’s here to give advice – he has this story on how this insurance works and I have the honor to lead it in the future.”
One of the reasons that prompted Latter to launch Qlaims’ new personal lines product, however, is based on her experience as a sales manager at Saga, where her responsibilities included covering the customer experience at the time of delivery. ‘disaster.
The latter explained that the challenges here mostly revolved around coordinating and providing the client with someone who can look after them and will handle the claim on behalf of the broker once coverage is agreed with the client.
Managing the claims process can be difficult for brokers to do due to the involvement of a panel of insurers, she said.
Therefore, based on her personal insurance experience over the past 10 years, she can see “huge possibilities for the private client version of Qlaims insurance” in “taking some of the pain away. [and] some of these frustrations on these bigger claims ”.
Larger home insurance claims are often complex because alternative accommodation may be required. Additionally, the claim can become even more difficult to manage when a customer wants to make changes during the rebuild process.
He continued, “Experiencing a loss in your home and losing valuable possessions, which can often be combined with having to move, is emotional and stressful.
“Having a claims specialist alongside the client can help them get back on their feet quickly.
“Underwriters will also benefit from receiving a well-prepared claim, which can result in a shorter downtime and reduced exposure, leading to potential cost savings and, most importantly, a higher level of customer satisfaction. “
Benefit from brokers
For best results for customers, insurtech also complements their personal and face-to-face service on Qlaims Assistance with the technology – namely streaming video at first notice of loss (FNOL) if the customer deems it appropriate.
However, the latter stressed that it was not a question of removing the role of the claims adjuster.
She explained, “There are times when you absolutely need an adjuster, and we’re not trying to replace it – what we’re trying to give are adjusters, insurers and insurance providers. brokers the tools to get things right in the right place. [and] avoid unnecessary visits.
Following a trial with a large claims adjustment firm in 2019, Qlaims found that by supplementing the technology with claims adjuster visits, the company could achieve at least 60% savings on operating costs, which is “quite significant”, added the latter.
She continued, “At the end of the day, what we’re trying to do is provide a better customer experience, shorten the lifecycle of a complaint, and make it more efficient, so that a greater percentage of the claim goes to the customer and there is less money being spent on expenses in the middle.
Along with efficiency, a specific area where Ms. Latter sees Qlaims Assistance as having particular value is the affinity market, which she described as being “around the protection that we can offer. [brokers] just for their customer experience ”.
She explained, “If you have an affinity with an insurer, you depend on that insurer’s experience with claims and traditionally as a market we don’t always get the right results.
“If a broker offers [services in the HNW arena], where their brand reputation and customer service are particularly important, we believe we can complement them.
“I think it will be a very big market for us. “
The latter also believes that by integrating coverage into policies, such as a claims preparation clause for example, it will “help restore confidence”, in particular given the increased regulatory control over the value of the product and the mistrust. of the public with regard to the willingness of insurers to pay claims.
She added, “I have to thank the team on this one as it’s really not easy to develop a business through purely virtual means, but all credit to them, we did it.”
John Heaney, Managing Director of Great American International Insurance (UK), said: “We are really excited to be working with Qlaims to launch Qlaims Assistance for private clients.
“Merging their insurance proposition with technology for retail clients is of great benefit to the industry in better handling claims and providing improved service to clients when needed.
“This is one of the many new relationships we announced in 2021 as we continue to grow in the specialty line market. “
Qlaims’ business offering, on the other hand, has seen “strong growth” so far, with around 10 brokers joining per month, including the TEn Insurance Services and Hedron Network.