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An insurance company, a financial institution that sells insurance.

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    Insurance News

    Insurers Bet Big on AI for Streamlining Claim Resolutions Insurers Bet Big on AI for Streamlining Claim Resolutions
    28 Mar 2024: .Paige Estritori

    Australia's insurance sector is witnessing a transformative embrace of artificial intelligence (AI), with a sweeping 90% leaning on, or on the cusp of adopting, chatbots and advanced AI to enhance claim handling, as noted in Gallagher Bassett's yearly analysis. This heightened integration reflects the sector's aim to bolster operational speed and efficacy, with a remarkable 98% of insurers predicting immense benefits from such advancements. - read more
    Spike in Weather-Related Insurance Claims During Summer Revealed Spike in Weather-Related Insurance Claims During Summer Revealed
    27 Mar 2024: .Paige Estritori

    Over the recent summer period, NRMA Insurance reported an influx of claims linked to severe weather, with a record not seen since the autumnal months of 2022. An overwhelming number of these, about 85%, have been ascribed to weather disturbances such as storms and hail, per the updated Wild Weather Tracker statistics. - read more
    Federal Court Upholds Insurer's Policy Update Clause Federal Court Upholds Insurer's Policy Update Clause
    26 Mar 2024: .Paige Estritori

    The Federal Court has provided a green light to Auto & General’s home and contents insurance policy terms, confirming the necessity for policyholders to inform the insurer about significant changes affecting their coverage. The company emerged victorious in a legal scrutiny instigated by regulatory body ASIC over the disputed clauses. - read more
    Survey Reveals Time Crunch for Brokers Facing Compliance Hurdles Survey Reveals Time Crunch for Brokers Facing Compliance Hurdles
    25 Mar 2024: .Paige Estritori

    Steeped in administrative duties, brokers are dedicating over three hours daily to data processing tasks, finds a survey issued by an insurance software company. Further intensifying their plight, nearly one-fifth have reported growing complications and time expenditure in compliance adherence, underlining a pressing industry conundrum. - read more
    Revolutionizing Carbon Trading with Novel Insurance Offering Revolutionizing Carbon Trading with Novel Insurance Offering
    24 Mar 2024: .Paige Estritori

    In an innovative move within the environmental finance sector, CFC has introduced a cutting-edge insurance product specifically targeting the burgeoning carbon credit market. This pioneering Carbon Delivery Insurance is designed to mitigate the risks associated with non-delivery of carbon credits, reinforcing market confidence and integrity. - read more
     
    Business Insurance Articles

    Professional Indemnity Insurance: How Much Coverage Do You Really Need? Professional Indemnity Insurance: How Much Coverage Do You Really Need?
    Professional Indemnity Insurance (PII) remains one of the keystones of risk management for professionals across Australia. Yet, misconceptions and lack of awareness can lead to inadequate coverage, leaving individuals and businesses vulnerable in a litigious environment. - read more
    Expert Tips for Comparing and Buying the Right Professional Indemnity Insurance Expert Tips for Comparing and Buying the Right Professional Indemnity Insurance
    Professional indemnity insurance is an essential safeguard for practitioners and businesses that provide expert advice or services. This type of insurance helps to protect professionals against legal costs and claims for damages from an act, omission, or breach of professional duty in the course of their work. For Australian professionals, where litigation is increasingly common, it's a pivotal component of risk management. - read more
    Cyber Liability and Indemnity: Mitigating Risk for IT Professionals Cyber Liability and Indemnity: Mitigating Risk for IT Professionals
    In an era dominated by digital innovation, understanding the crossroads of cybersecurity and indemnity insurance is more critical than ever for IT professionals. As cyber threats evolve with increasing sophistication, the concept of cyber liability has come into sharp focus, pinpointing the potential legal and financial risks associated with data breaches and cyber-attacks that professionals in the information technology sector may face. - read more
    The Essential Guide to Professional Indemnity Insurance for Australian Consultants The Essential Guide to Professional Indemnity Insurance for Australian Consultants
    If you're an Australian consultant, you understand that your advice is a valuable commodity. But with that value comes responsibility, and a level of risk that you could be held liable if your guidance results in financial loss to a client. This is where professional indemnity insurance comes into play, serving as a vital shield, providing protection and peace of mind for both you and your clients. - read more
    The Growing Importance of Cyber Insurance in Protecting Professional Practices The Growing Importance of Cyber Insurance in Protecting Professional Practices
    The professional services industry has undergone a significant transformation in recent years, largely due to the integration of digital technology into everyday business operations. From cloud computing to mobile applications, the digital landscape for professional practices has expanded, offering new avenues of efficiency and connectivity. - read more

     

     
    Professional Indemnity Australia :: Articles
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    Insurance Claims - The Acid Test for Insurance Policies

    Insurance Claims - The Acid Test for Insurance Policies

    How well a company handles their processes and the customer experience at claim time is what truly determines the real worth of the insurance policies that are being sold.
    The acid test of the quality of an insurance policy is when we are in the unfortunate position of having to claim on them. This is when the insurance company is put into a position where it is being asked to pay you money rather than the other way around.
    How well a company handles this determines the real worth of their insurance policies that are being sold.

    When all policies are equal

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    It doesn't matter what type of insurance policy is being dealt with. Insure your car, home, cat, or life it will always be a sure sign of value if the claim is processed and paid smoothly and on a timely basis so that you can recover from the insured loss and get on with your life with the least amount of fuss and bother.
    Carefully check a company's insurance claims record before committing to buy a policy from them and avoid companies with a poor claims history.

    Know the rules

    Make sure you take the time to understand what your insurance policy is going to cover before you are in a position to make a claim. This will help you avoid difficulties later on and especially disappointment and complications.
    Make sure you know what you have to do in the event of a claim as delays in reporting a claim may invalidate the insurance cover.
    More than this, some policies such as car insurance have very strict conditions that attach to whether you should admit liability before the insurance company has had time to assess a claim. Make sure you educate yourself on what to do in such circumstances.

    No favourites

    It also pays to realise that just because you pay a hefty premium, this does not mean that you are going to get good cover or a good claims handling experience when the time comes.
    Many insurance companies are reviewed not only on the basis of premiums but the features and benefits that they offer in terms of helping you through the administration of a claim.
    Good companies will have a structured and helpful customer claim process which provides good communication on a timely basis.
    Bad companies will usually try to hide such information from you so do not be diverted by slick sales talk when researching policies.

    Cheap <> best

    The cheapest premium doesn't mean the best deal. Customer care does come with a price tag and very often a cheap deal does mean that when you claim, you are the one that has to do the running around in order to get the claim approved, settled and paid.
    It can make the difference between weeks or months of inconvenience when you need the money the most or a very easy, hassle free experience that let's you recover the loss and move on with your life.

    Financial considerations

    A claim is also an acid test of an insurance company's financial position.
    If you are insuring an asset such as your life or your home, the sums involved can often be very substantial.
    You need to bear in mind that a claim has to be paid from the financial resources that are available to the insurance company. If a company was to receive the odd claim here and there, this may not cause any serious concerns.
    What if an insurance company was to suddenly receive a number of such claims at the same time, say because of a flood? Ask yourself if the insurance company can pay out all of those claims and if there is some doubt consider insuring somewhere else.

    Taking responsibility

    Insurance claims take place at a time of some distress or disturbance in our lives.
    A burglary of our home, a car accident, a health concern or a pet that needs veterinary treatment; life can be distressing enough when these things happen so we need the claims process to proceed smoothly and effectively to get us back on track.
    You can take responsibility for making sure this takes place by firstly, making sure you have proper coverage and secondly, by making sure you understand what the conditions are and what you need to do.
    A good insurer will help make things clear in both cases and will not hesitate to answer your questions if you are unsure. These are things to look for in a company when you are considering insurance in the first instance.

    Record everything

    When you are claiming on a policy, do everything you can to document what has happened.
    Photographs are very helpful in many situations as are comparisons and keeping results and valuations for your insured items. The process of setting up insurance will often help you get these things organised to begin with, and never hesitate to ask your insurance company for help as after all, if you can make their job easier during the claims process, they will keep their own costs to a minimum and everyone wins.
    Up-to-Date Records & Paper Trial - It is essential that you have proper systems and a paper trial to support all your financial objectives.
    Having up-to-date records and knowing where to locate paperwork quickly will save you a fortune in the long run. Not only will you be able to quickly pick up any mistakes in billing, but you will have a handle on cash flow and therefore eliminate payment defaults or additional interest costs that directly impact on your bottom line.

    Published:Sunday, 1st Aug 2021
    Author: 61

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