Claims services
Claims patterns and trends reflect what is happening across the globe, from pandemics, catastrophes to politics and culture. Decisions made by claims teams can often have significant consequences that shape the financial landscape both commercially, and reputationally.
We often assist clients with claims litigation cases and with clients who must suddenly deal with an influx of unanticipated claims.
Current market challenges
The key challenges for insurers are around balancing cost control against the need to pay legitimate claims and keep clients satisfied. Claims are in flux and currently experiencing the biggest shake-up of the last decade. Customer expectations have altered with customers and the general public pushing for more sustainable, real-time solutions.
Key trends we have identified in claims are as follows:
Technology
Technology plays a part not only in claims process transformation but also in loss prevention. We expect technological change projects to continue to dominate both short and long-term claim projects.
Risk Prevention
Insurers are looking more holistically at risk and how to work with policyholders to prevent claims. Technology and data help drive the risk prevention agenda.
Sustainability
Sustainability in claims continues to be a key driver. Motor appears to be leading the way with increased engagement from manufacturers, suppliers, and customers.
Data enrichment
The market as a whole is data-driven. Data drives claims management and fraud detection. Availability of data and speed of data transfer allow for better and quicker decision making, and this is shaping the claims function.
Supply Chain Disruption
The last year has seen an unprecedented amount of disruption in the UK supply chain. As well as creating an unexpected influx in the claims market, supply chain challenges continue to directly affect the speed and cost of claims.
How we can help
We can assist at many stages in the claim's cycle. Below we highlight different claim solutions we provide:
Prior to loss
| Claims Management
| Advisory services
| Reporting and analytics
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Case study |
Mazars recently worked on a review regarding the settlement of claims made under the ATOL protection scheme resulting from the collapse of a British, Global Travel group. At the time of engagement, the claims process was in its infancy stage and Mazars shared some best practice processes and lessons learned from other such projects to assist with the development of the claims system. The project was time-sensitive being subject to both public and governmental scrutiny. Mazars were engaged to provide assurance on the processes and controls in place to compensate future customer bookings and out-of-pocket expenses made as a result of the collapse. The project included the review of two claims management companies (CMC’s) who were appointed to process claims. Mazars also provided insight and participated in the presentation of losses to insurers. The review was more recently extended to cover the review of the claims handling arrangement in respect of claims settled and paid by the CMC’s specifically looking at the timeliness and accuracy of the claims handling and the effectiveness of fraud detection. This involved reviewing a representative sample of claims within agreed criteria. |
Read more about our insurance services
National contacts
Emma Jardine Director - Financial Services Consulting
