Biba members fight harder on claims
The recession is prompting insurers to make lower offers for claims.
The suggestion comes from the British Insurance Brokers’ Association (Biba) which has been researching its members to find that the majority have been successfully fighting for increased payments over the past year.
The survey found that 91% of brokers had secured an increased payment for a claim following an initial lower offer from the insurer, with 94% saying they overturn a claim rejection occasionally, or often.
Eighty-seven per cent reported regularly negotiating an increase of up to 20% and 58% of brokers reckoned they had to fight harder to get claims paid.
Biba will be using the research to highlight the benefits of using a broker and is encouraging its members to do likewise.
The body’s chief executive, Eric Galbraith, says: “This is strong evidence to demonstrate the value of the broker … however these statistics seem to suggest a too frequent reduction in the amount offered in claims settlements.”
He goes on to warn that such a stance could encourage more policyholders to inflate claims.
Category: BIBA News, Insurance News
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