Insurers – who can you trust?
Fraud or scandal?
Unfortunately, the great insurance industry that I have been engaged in for all my working life has been rocked by scandals, impropriety, insolvency, fraud and ethical malpractice with increasing frequency over the past 5 years.
In the 2016 Edelman Trust Barometer, the financial services industry is the least trusted sector compared with all other business sectors. In the UK, Accenture’s 2016 Financial Services Customer Survey found that trust in Insurance Companies at 20%, was even lower than trust in banks (29%). One would suspect that the picture is possibly even worse in Ireland.
If one were to listen to the media, we could be made to feel like we are a worthless shower of incompetents. . From the demise of Quinn Insurance, the failure of Setanta, the reserving scandal in RSA and under-pricing in the Irish market over a number of years to buy market share. This is now followed now by massive premium increases being imposed to play catch-up. It is no wonder that the insuring public have a deep mistrust of Insurance companies.
Yet the Irish insurance industry is a very well-regulated sector. Staff are highly intelligent and well educated, and the insurance sector is fundamental to the success of the Irish economy. There are bad apples in every sector, but that should not tarnish the reputation of all. Within the insurance sector, Loss Assessors were sometimes seen as rogue operators who exaggerate claims and drive up the cost of claims. However in the midst of all the scandals, we have remained true to our principles. We are dedicated consumer advocates, advising clients and brokers, and ensuring our clients receive their maximum and rightful entitlement.
It is the uninsured motorists, the fraudulent personal injury claimants, the exorbitant awards and the claims culture that are to blame. Insurers themselves contribute to that negative claims culture. They treat every claimant with suspicion and scepticism. They adopt the same overtly aggressive tactics against innocent ‘own damage’ claimants as they do to hardened fraudsters. They settle third party claims with solicitors on a ‘commercial basis’ often against the will of their own policyholder who wants to defend their reputation and good name.
Expert claims advice
There are many good people working in the Insurance Industry. However when it comes to property damage claims, policyholders cannot be expected to navigate the claims process on their own. How can they be adequately equipped to deal with an experienced loss adjuster who represents the insurance company? If your mother had a fire in her house would you expect she would be able to handle the process on her own?
Loss Assessors strive to deliver exceptional customer service. We are solutions driven and use our expert knowledge and communication skills to educate our clients to help them make informed decisions. Trust can only be built up by developing personal relationships based on integrity and excellent customer service.