Fair Settlements Key to Good Property Claims Handling: Advisen Survey

Insureds are satisfied with how their property claims are being handled, according to the latest Advisen Claims Satisfaction Survey. The survey found that obtaining fair settlements was the most important consideration to insureds and brokers when evaluating a property claims adjuster or department. Good communication and flexibility in dealing with complex or contentious issues closely followed.

Advisen Ltd., a New York-based insurance information and analytics firm, surveyed 544 risk managers and brokers for their input on a variety of claims handling best practices, including expertise, accessibility and equitable settlements.

Survey respondents were asked to identify the top three insurers or TPAs for property claims handling.

Commercial and industrial property insurer FM Global topped the list for property claims satisfaction among risk managers, with Chubb and Zurich scoring second and third on the list. Additionally, FM Global’s claims satisfaction score was more than twice that of the number two preferred carrier, Zurich, according to risk managers at organizations with more than $1 billion in revenue.

According to the survey respondents, the attributes associated with the top three insurers included:

1. expertise
2. accessibility
3. equitable settlements
4. advanced partial payment
5. prompt payment
6. good communication
7. prompt coverage determination
8. flexibility
9. adjuster visit within 24 hours

“Risk managers should hold their insurers to high standards and carriers should strive to make the claims experience as effortless and as satisfying as possible,” said Advisen co-founder and president David Bradford.

Source: Advisen Ltd.