- Growing the Business - Learn the vitals of growth leadership
28 November, 2019
9:30 am - 12:30 pm
- 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
Sally worked for 20 years as an underwriter before joining the Financial Ombudsman Service (FOS). She was part of the team that started FOS, providing direction for new workstreams and authoring of technical guidance. After 6 years with FOS, Sally left to work in the Lloyd’s Market managing complaints, working closely with claims teams and providing direction on Conduct Risk and TCF (Treating Customers Fairly). She also worked with Lloyd’s to design and implement the framework for standards reviews. She undertook claims and underwriting reviews and trained/mentored other reviewers. She worked with a number of managing agents to develop action plans to ensure compliance. Sally set up her own business in 2014, helping firms with conduct risk and TCF. Her company is a member of the Association of Professional Compliance Consultants and an associate member of the Lloyd’s Market Association.
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
Experienced engaging trainers
With first hand industry knowledge and an intimate understanding of the regulatory environment, we always guide you with an expert (and friendly) hand.
Packed with relevant information
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.
Get personalised attention
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.