Today's Wills & Probate’s Post

How long does it take? Yesterday I caught up on a FCA report about the average time that insurers take from start to finish to process a claim from bereaved customers. Whilst the FCA recognised evidence of good practice ans supportive service being delivered by insurers, it has called for a faster response time. The FCA found that firms took, on average: - between 53 and 122 days to process a claim, from start to finish, for a term insurance policy, - within 36 days for group life cover - 20 days for over 50 plans, - 53 days for whole of life. However, the FCA also noted that measurement is inconsistent as few firms capture the average times, which suggests they are not being monitored either. Looking at the term policy settlement claims this means that if you made a claim on 1st January 2025 you could expect to see your claim settled sometime between 23rd February and 3rd May. When you're dealing with the bereavement of a loved one, delays like this can add stress and worry to an already challenging circumstance and have the potential to be creating further financial vulnerabilities. Putting yourself in the customer's shoes for a moment, how long would you think is fair to have to wait? #VulnerableCircumstances #Bereavement #FinancialVulnerability #InsurancePayOut #TimeWaitsForNoMan

✏ #ClaimsRejection may seem daunting, especially in your time of need but it is important to remember it is not the end of the matter! Just because your insurer has rejected your claim, it doesn’t mean there’s no way to change their mind. Check out our guide on claims rejection and what you can do to change the outcome to learn how you can appeal your case! https://lnkd.in/dDGhnS9 #SimplifyingInsurance #PacificPrime

It would be instructive for those that draft coverage positions on behalf of insurers to tie the insurance policy to a claim denial. Every so often I see a claim denial letter cite policy wording and conclude that coverage is not applicable without explaining how the policy wording relates to the claim scenario. Oftentimes it is not obvious. Just last week a broker sent me a claim denial letter to double check with me that he was not missing something in reviewing the disclaimer. Two sentences from the policy were cited to deny coverage, but no explanation was provided, and it was not clear how those clauses supported a denial. I don't know if it was obvious to the claims adjuster, it was a deliberate attempt to see if they can get away with a denial, or it was just being lazy, but it comes across in poor taste when a coverage position is insufficiently communicated.

💥💥In this article, I shared some of my thoughts on the efforts Insurers are responding to the new FCA consumer duty obligations. The use of AI software to assist with this and improve the customer experience is becoming increasingly more important. 💥💥👇👇👇 Kennedys Kennedys. Latin America and Caribbean. Kennedys IQ Insurance Post #CustomerServiceExcellence #TechnologyInClaimsHandling #AIinInsurance #ConsumerRights #LossAdjustmentEfficiency #InsurTechAdvancements #DutyToConsumers #ClaimsManagementTechnology #CustomerExperienceInInsurance #InnovationsInClaimsProcessing#Kennedysclaims#claimshandling#claimsadjusting#FCA

🙌🏻 With the ever increasing pressure on insurers it’s time to focus on practical solutions that drive tangible efficiencies in the claims process and across the supply chain. Some aspects are not in our control like inflation, costs of materials etc however TIME is! ⏰ Make sure you are using your time right - speak to our claims tech experts Tom Burroughs Tim Norman #saas #customerservice #claimsprocessing #claimsmanagement

In ‘30 Under 30’, I simplify 30 complex insurance concepts under 30 seconds to make them more understandable and accessible for you. Today we will talk about why business owners need Disability Insurance and how it can help them in uncertain times. If you would like to learn more then feel free to book a call at https://lnkd.in/emdXyrY Disclaimer: The information* provided in the video is for informational purposes only and does not constitute financial advice. You should consult your financial planner or your Accountant regarding your situation. *This video is for informational purposes only and is not financial or legal advice. . . . . #30Under30 #30ComplexInsuranceConcepts #SGWealth #SimGakhar #LifeInsurance #DisabilityInsurance #BusinessInsurance #RiskManagement #BusinessProtection #IncomeProtection #FinancialSecurity #EntrepreneurLife #InsuranceForBusiness #SmallBusinessOwner #BusinessContinuity #FinancialPlanning

The IRS has released the discount factors for unpaid losses, loss adjustment expenses (section 846), and estimated salvage recoverables (section 832) for the 2023 accident year. Understanding and applying these guidelines is crucial for insurance companies looking to manage their 2023 accident year finances effectively. #DiscountFactos #UnpaidLosses #LossAdjustment

The IRS has released the discount factors for unpaid losses, loss adjustment expenses (section 846), and estimated salvage recoverables (section 832) for the 2023 accident year. Understanding and applying these guidelines is crucial for insurance companies looking to manage their 2023 accident year finances effectively. #DiscountFactos #UnpaidLosses #LossAdjustment

Know What Matters! It does not matter what type of claim it is, failure to Investigate, communicate, or make a claim determination to settle a claim is a recipe for Bad Faith. What are your thoughts? In Rockefeller University v. Aetna Casualty & Surety Company, the Appellate Division affirmed the denial of a motion to dismiss filed by several insurers. The court held the complaint alleged viable bad faith claims predicated on (i) “the failure to promptly resolve claims”; (ii) “ignoring [the insured]’s requests for copies of decades-old policies”; (iii) “failing to issue coverage decisions”; (iv) “refusing to pay any settlement of the underlying claims”; (v) “refusing to properly investigate the underlying claims”; and/or (vi) “pressuring [the insured] to discontinue this [coverage] action.” The court further held the “[insured]’s complaint sufficiently alleged that defendant insurers’ wait and see strategy and claims handling practices were employed to limit defendants’ financial exposure, in gross disregard of [the insured]’s interests.”1 The decision reinforces that bad faith claims handling may arise in many ways and “[t]here is no specific formula to determine whether an insurer acted in good faith.” Policyholders should be aware of three principles underlying this opinion that may give rise to a bad faith claim against their insurer:

Navigating insurance claims can be a daunting task, but it doesn't have to be. MBC Public Adjusters offers a lifeline of support, handling all aspects of your claim process with precision and expertise. Whether you're facing fire damage or other property losses, our skilled adjusters are here to streamline the process and secure the best possible outcome for you. Let us alleviate your burden and pave the way to a smoother recovery.https://buff.ly/3Q4TLec