12 Jul 2022
How can a broker help you at claims time?
Article

How can a broker help you at claims time?

  • Brokers aren’t just helpful when placing an insurance policy – they can be invaluable when it’s time to make a claim
  • Some brokers will manage your claim – working with insurers to get a positive outcome for you
  • A broker can guide you through the claims process, and leverage their relationships to help get a speedy resolution.

It’s only when you make a claim you truly appreciate the benefit of insurance. After all, when we take out an insurance policy, we’re safeguarding against something we’d rather didn’t happen at all.

But when that something happens, it can be a challenging time.

Managing an insurance claim can be a little stressful, and that’s where an insurance broker can help.

“As well as offering significant value assessing and identifying risks,” says Mark McDermott – Head of Claims Relationship Management, “brokers can also offer tremendous support when it comes to managing claims.

“Many brokers will take responsibility for managing the claim and go into bat for you, which can help you reach a quicker resolution.”

Not all brokers offer claims management, so ask about a broker’s claims handling process before you start working with them.

However, if they do, there are many ways you can benefit from their help and experience. Here are a few...

They’ll guide you through the process

Brokers are vastly experienced claims handlers and know exactly what you’ll need to lodge a claim in accordance with the policy. They’ll help you collect the information you need to lodge a successful claim with the insurer.

They’ll check your claim and lodge it for you

Once they’ve guided you through collecting the information, your broker will complete all the paperwork for you to review and sign before it’s submitted to the insurer. They’ll be able to convey the context of the claim to the insurer, and make sure everything’s provided for them to assess the claim.

They’ll leverage their relationships with insurers

As well as being able to access their knowledge and experience, one of the big benefits of working with a broker is their relationships with insurers. Brokers are lodging claims and speaking with insurers day in, day out, and know who to talk to, to ensure claims are processed efficiently.

They’ll be your (objective) advocate

A key benefit at claims time is that your broker will be your advocate. If the insurer questions your claim, your broker can go into bat for you.

With an intricate understanding of the insurance policy, they’ll discuss possible solutions to ensure you get the best outcome in the quickest time possible. When they’re working on your behalf, they care about achieving a successful outcome, yet they’re not as emotionally attached to the claim as you are. This objectivity can be invaluable throughout the process.

In summary

Working with an insurance broker can ensure you’re covered for the risks you face, and McDermott says that having a broker working on your behalf in the event of a claim can be incredibly valuable.

“A broker’s expertise cannot be underestimated, and if you need to make a claim, it can be reassuring to have someone in your corner.

If you’re looking for a broker to work with, ask friends or colleagues for a recommendation, or visit the ‘Need a Broker’ website, provided by the National Insurance Brokers’ Association (NIBA).

The advice on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs. You must decide whether or not it is appropriate, in light of your own circumstances, to act on this advice. You should ensure you obtain and consider the Policy Wording or Product Disclosure Statement and Target Market Determination for the policy before you make any decision to buy it.

Related articles

Should I use an insurance broker or go direct?

31 May 2022

Should you use an insurance broker to place your business insurance, or is going directly to your insurer the better option? Well, that can depend. Here’s why.

Read more

The value of working with an insurance broker

12 May 2022

Business owners have advantages working with an insurance broker. They’ll become a trusted adviser, and could be the difference between success and failure.

Read more

How to find the right insurance broker

07 Apr 2022

Finding the right insurance broker can not only save you time and money, but also help you cover risks you weren’t even aware of.

Read more