- City of London
“A claim is the defining moment in the relationship between an insurer and its customer. It’s the chance to show that the years spent paying premiums were worth the expense. If a claim is handled well, retention rates may rise. If handled poorly, the insurer may not only lose the customer, but also damage its wider reputation.”
Source: “Cutting the cost of insurance claims” – pwc
The speed and accuracy with which claims are handled are major drivers of service differentiation in an industry that is resolutely price-competitive. Because customer expectation is high and tolerance of poor performance is low, it is in a business’s own interests to make sure that it does all that it can to get things right first time and to respond quickly and efficiently when errors occur.
Also, insurance – by its nature – is open to abuse either through the actions of one-off opportunists, or from those who perpetrate organised crime. Fraud is the biggest area of concern and the UK insurance industry and its regulators are becoming increasingly successful at detecting it and punishing those responsible.
This half day training session will allow delegates to fully understand the importance of managing a claims function effectively, leaving them able to:
- Describe the basic claims handling process
- Explain the regulatory requirements relating to claims handling
- Consider the effectiveness of governance and controls around claims handling in their own organisation and the implications of not doing things right
- Explain the requirements relating to handling claims-related complaints
The Course Agenda
Claims handling – how it works
- Claims handling – the basic process
- The claim form
- Third Party Claims
- Double Insurance
- Claims settlement
- Rejecting a claim
Claims handling and regulation
- Claims handling and the FCA’s Principles for Businesses
- Insurance Conduct of Business Sourcebook (ICOBS) 8: Claims Handling
- Treating Customers Fairly
- FCA’s Thematic Reviews
- Lloyd’s minimum standards
Governance and controls
- Preventing claims fraud and the Fraud Act 2006
- Policies and procedures
- The use of Information Technology (IT) in claims handling and its benefits
- Management accountability
- Outsourcing claims handling
- Auditing claims
- Management reporting
Handing claims related complaints
- FCA & Lloyd’s requirements
- Financial Ombudsman Service (FOS)
Meet The Tutor
Director of Learning
Richard worked for Bupa for over 20 years until 2011, where his career spanned a diverse range of senior management roles covering customer service, business operations, commercial strategy/policy development, risk management and regulatory compliance – alongside the ‘day-job’ he was also heavily involved in leadership development, coaching and mentoring.
From early 2011 to May 2018 Richard was a freelance consultant specialising in the areas of regulatory compliance and learning and development before joining FSTP, as Director of Learning, in June 2018.
Who is this course for?
This course is aimed at supervisors and managers in the claims environment or anybody that handles claims as part of their job role particularly in the insurance industry.
Training that makes a difference
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With first hand industry knowledge and an intimate understanding of the regulatory environment, we always guide you with an expert (and friendly) hand.
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We know you’re busy, so we’re careful not to waste a minute of your time. Our training courses are fast paced, insightful and filled with valuable information.
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Sessions are practical workshops not PowerPoint lectures. All courses are limited to no more than 14 attendees, so we’re able to explain concepts in the context of your business.