Our insurance brokers’ approach to risk management solutions helps you to achieve the right level of insurance cover.
Choosing Gallagher gives you access to local expertise backed by international experience that will help protect your business and let you focus on what you do best.
View our expertiseOur insurance brokers’ approach to risk management solutions helps you to achieve the right level of insurance cover.
view our broker servicesOur insurance brokers’ approach to risk management solutions helps you to achieve the right level of insurance cover.
Our experts can give you the advice you need across a variety of different services.
View our servicesWe take the time to get to know your business and our specialists have expertise in all industries. We then tailor insurance and risk management advice and solutions to match your specific needs.
CONNECT WITH AN EXPERTFind out the latest information and research from our experts to help keep your business safe.
View allIn the Business Insurance & Risk Market Update H1 2022 report, our experts provide market insights and offer guidance to help you ensure your business has the right protections in place.
Get the reportFor more than 90 years, we’ve helped businesses face their future with confidence. Hear more about our story and how our experience can help you.
View allHaving an insurance broker advise, guide or manage the claims process is closely linked to satisfaction with the experience, according to a recent report based on a survey of Australian small businesses. This trend has strengthened over the past few years in parallel with the hardening insurance market and greater claims scrutiny by insurers. We look at some of the factors involved.
The 2021 Vero SME Insurance Index finds that broker clients are more satisfied with their claims process than business owners who buy their insurance direct. Specifically 72% of surveyed broker clients who made a claim were satisfied – an almost 20% increase since 2019 – compared to only 37% of direct claimants, whose satisfaction levels dropped by 10% over the same period.
Whether the broker provides input and direction while the client manages the process themselves or takes ownership over the entire claims process, when a broker is involved satisfaction tends to be considerably higher and the claims process is seen as being less complex.
Generally almost half of broker client SMEs (48%) reported that they managed most of the process themselves with some advice and guidance from their broker, and almost the same percentage (45%) had the broker handle the claim for them, while for 7% their broker wasn’t involved at all.
In the current climate, with the La Niña weather conditions driving claims for storm and flood damage and the uncertainty around COVID 19 business interruption claims, insurers are requiring more detailed information. The level of proof around a claim is a lot higher than it was previously, and insurers are going deeper into confirming indemnity and the amounts involved, Gallagher Head of Claims Adam Squire advises.
“There’s a lot more micro-analysis than we’ve seen in the past. The work brokers have to do to get claims paid has certainly increased, both in terms of technical argument needed as well as the time required. Often an insurer may look at a claim in a certain way as that is how they have been trained. A claims professional is a broker who is there to help the insurer claims team to see that there may be a different way to look at the claim.”
This is why a broker’s experience and understanding of claims scenarios can be invaluable in presenting a positive case and achieving a timely resolution.
The collaborative approach to insurance cover, where the broker provides expertise and explains the options to their clients, is strongly valued by business owners, who express significantly higher satisfaction levels than those who don’t gain this collaboration from their brokers.
Around half (51% ) of SMEs that have a collaborative relationship score their broker 9 or 10 out of 10. Getting help to understand a policy and its wordings (such as inclusions of cover, limits, conditions and exceptions or exclusions) ensures business owners know from the outset what is covered in the event of a claim. This enables clearer understanding of the business risks that need to be managed, and of the records and paperwork required to support a claim if the situation arises.
Satisfaction levels are also linked to the value-add services that brokers provide for their clients – such as in-depth risk analysis and information, and advocating on the client’s behalf with insurers. Service is a very important part of the relationship.
We are claims advocates, ensuring clients’ policies respond as effectively as possible. A national team of 50 claims professionals operates in five capital cities and supports 30+ branches and industry specialisms.
The team ensures claims are actioned quickly and, based on complexity and need, assigned to the right person and optimum process. The client’s assigned claim manager remains in continuous contact with both the insurer and client to ensure the best achievable outcome.