This editorial was originally published in Insurance Business magazine, and is shared here with permission and thanks. Read the original here
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With significant involvement in handling test case litigation in HAVs (hand arm vibration), asbestos-related and sensitive claims, including group actions and policy trigger litigation to his name, Michael Mackenzie (pictured), head of specialist claims at Pro Global has a unique perspective of the trends currently impacting the complex specialty claims space.
Speaking with Insurance Business, Mackenzie, who has been involved in work on a range of public inquiries, including the Hillsborough disaster and IICSA, and who currently chairs IRLA’s Legacy Committee, highlighted how changes to the legal environment continue to dominate experience in this area. Jurisdictional relativity is also becoming increasingly pronounced, he said, while key trends include the following:
“A number of interconnected factors and stakeholders contribute to the complexity, and understanding of some of the issues that affect or influence such a claim can help (re)insurers be more proactive and responsive,” he said. “Whatever the type, severity or amount of a claim, the key is to have a firm grasp on data analytics to diagnose and plan interventions and good and timely communication to remove friction, delay and unnecessary distress – and ultimately improve outcomes for those impacted.”
Reinsurance Challenges
Mackenzie noted that (re)insurers operating in the complex specialty claims space are facing several pressing challenges. Rising inflation and the subsequent increase in legal costs and claims payouts are impacting the overall costs of claims, he said. Meanwhile, the continued emergence of new, pioneering life-extending treatments creates challenges in assessing mesothelioma claims.
Accurately reserving against historic books of business that are affected by an evolving legal environment and shifting claims trends can be particularly challenging, he said. (Re)insurers must also navigate the complexities of historical long-tail claims, which require dedicated resources and expertise for effective management.
“Different laws in different UK jurisdictions is another factor (re)insurers must contend with, as is keeping up-to-date with changes in the legal environment,” he added. “Increasingly, data is king, both in terms of monitoring trends and understanding the likely impact of a changing legal environment. The ability to diagnose issues and plan interventions is essential to ensure outcomes are appropriate.”
Mackenzie cited the impact inflation is having on (re)insurers’ current books of business as “significant”. Rising prices, particularly in legal costs and specific heads of loss are driving increased claims settlements, he said. This inflationary pressure necessitates insurers gain control over their claims exposure and seek operational efficiencies to mitigate the impact.
“Inflation is also affecting (re)insurers’ historic books of business,” he said. “The rising costs of servicing long-tail claims from an administrative, legal, and payout perspective are a concern. It is crucial for insurers to reassess their reserving policies to ensure accuracy and potentially increase reserves to address the impact of inflation.”
Mitigating the issues
Identifying some of the key steps (re)insurers are taking to mitigate these issues, he highlighted that they are focusing on operational resilience, embedding operational efficiency measures, and triaging complex claims effectively.
“By proactively managing claims and adopting optimised claims management systems, (re)insurers can enhance cost efficiency and accurately reserve for liabilities,” he said. “They are also leveraging technology and data to drive improved supplier engagement, streamline claims handling processes, and identify trends for effective defence strategies.
“It is critical that (re)insurers stay up-to-date with the latest legal, political, medical and media developments in the complex claims environment and work closely (and early) with trusted subject-matter-expert partners to help analyse their exposure, and handle all complex claims fairly, sensitively and efficiently.”
Pro Global is actively working to support (re)insurers in navigating the complexities of historic and current claims, he said, and it is well-positioned to do so due to its expertise in reserving accuracy, optimised claims management systems, and access to specialised resources.
“We are focused on being a proactive and supportive partner that can be relied upon to accurately assess exposure, define claims handling strategies, engage with leading lawyers and physicians early in the process, and streamline claims administration and triaging,” he said.
Name: Michael Mackenzie
Job title: Head of Speciality Claims
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Pro Global is pleased to confirm that it has recently acquired Propel Consult, a consultancy business specialising in Robotic Process Automation (RPA) and a Global Partner of Automation Anywhere, a leading global provider of RPA. Propel Consult is a highly-respected and innovative business with a shared vision and commitment to operational efficiency improvement, and will help to enhance our focus on providing automation solutions to our customers.
The addition of the Propel business to the Pro stable will act as a key enabler for scaling our Consulting offering by fuelling our ability to align the data, digital, automation and transformation aspects of our Consulting value proposition. In particular, we will be looking to tap into a Pro ecosystem of Insurance Services experts, Propel automation capability and the broader domain expertise across our business to offer our clients a transformative offering backed by operationally equipped experts and selected partners to deliver automation and data enabled solutions.
This is a very exciting time for our business as we leverage our extensive and differentiated capabilities and expertise for the benefit of our clients.
If you would like to find out more, please contact us at getintouch@pro-global.com
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Effective resourcing and resilience in claims management were key topics of conversation among local authority and public sector body delegates at this year’s ALARM Risk Conference, says Michael Mackenzie, Pro Global Head of Specialist Claims
This year’s ALARM Risk Conference held in July in Manchester, UK, brought together delegates from local authorities and public sector bodies to reflect on the drive for sustainable public services.
As the Head of Specialist Claims at Pro Global, I had the privilege of attending this event with my team, and gained valuable insights into a broad range of topics including in particular the areas of innovation and value creation that are crucial for the public sector.
One of the primary concerns discussed at the conference was the need for effective resourcing and resilience in claims management. It became evident that Pro Global’s technology-enabled claims management proposition struck a chord with attendees. Our proprietary cloud-based Pelican software, in particular, garnered significant interest as a key tool for addressing the complexities of claims management in the public sector.
The complex claims challenge
The public sector faces numerous challenges in managing complex claims, including cost pressure, lack of clarity over claims and insurance, multiple stakeholders, and a sense of disconnect and fragmentation.
These challenges often result in increased costs and risks. However, at Pro Global, we have developed smart processes and technology that enable us to drive efficiencies, reduce duplication, and deliver substantial savings.
By leveraging our technology and team of experts, we can form trusted partnerships with local authorities and public sector bodies that help them overcome these challenges and achieve better outcomes.
Delegates focused on the value that this approach of combining technology with expertise brings, and asked us in particular about the benefits of reduced duplication and unnecessary repetition, as well as faster claims lifecycles and improved overall efficiency.
Better data visibility
Data was also a key talking point, with delegates highlighting the need for better data visibility and quality when it comes to claims management. There was strong interest in sophisticated data management capabilities that provide enhanced visibility into claims data, enabling comprehensive analysis, informed decision-making, and improved risk management.
However, perhaps the most obvious key demonstrator of value is cost savings – and here too delegates were interested in the specific impact that Pro Global’s approach could make. Through our cost-effective claims management approach, we help local authorities control expenses, reduce wasteful spending, and mitigate risks effectively.
A record of value-add
We have a proven track record in handling various types of claims, including Employers’ and Public Liability, Professional Indemnity, General Liability, Healthcare (which was a key topic at the conference in terms of employee wellbeing and social care), Legal Expenses, Motor, and Property insurance (including housing disrepair). Our approach is centered on investigating claims diligently from the desktop and involving field force adjusters only when necessary.
This collaborative approach, combined with our proprietary claims management software Pelican, also allows us to monitor exposure and protect against emerging risks such as cyber attacks.
Communication is key when it comes to claims management, and working with an established and trusted partner like Pro Global can make all the difference. We are dedicated to helping local authorities and the public sector streamline their liability insurance claims, saving money for the public purse and driving better outcomes.
Contact us today to discover how Pro Global can optimise your claims management process and save money for your organisation. Let us be your trusted partner in achieving efficient and effective outcomes
Name: Michael MacKenzie
Job title: Head of Specialist Claims
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Lograr un flujo de trabajo continuo y automatizado que permita tener control absoluto sobre todas las variables a la hora de procesar un bordereaux de reaseguro, requiere de la combinación perfecta entre tecnología adecuada y especialistas idóneos de forma que, además, se reduzcan costos, se acorten plazos, se minimicen errores y se mejore la performance del negocio.
Las aseguradoras, los brokers y reaseguradoras cuentan hoy con una mayor cantidad de datos y, lo que es más relevante, poseen datos de mejor calidad. En la actualidad, todas las empresas y las personas tenemos acceso a más información gracias a tecnologías simples, pero a nivel corporativo la transformación de los últimos años fue exponencial, especialmente a partir del desafío del trabajo remoto y la digitalización de procesos masiva y forzosa que impuso la pandemia. Las inversiones de las compañías se focalizaron en generar un cambio de fondo en la matriz tecnológica de la industria aseguradora y, entre otras cosas, se logró mejorar la calidad de los datos gracias a softwares y sistemas específicos que recopilan, limpian, normalizan y facilitan la información de manera que se convierta en un insumo de valor para la toma de decisiones.
Si bien, aún hay mucho por hacer y mejorar en cuanto a los sistemas core y demás softwares que dan soporte de la operación de seguros, es innegable que se ha avanzado mucho en lo que refiere a la extracción de datos de múltiples fuentes, el procesamiento y homogenización de estos, así como con el despacho de información, a partir del análisis de esos datos.
Lo interesante es que este proceso automatizado y estandarizado de los datos permite monitorear y proyectar la información, fundamentalmente, a la hora de diseñar políticas de ventas, definición de estrategias de pricing, supervisión de exposición a riesgo, o realizar análisis de bordereaux de reaseguro.
El procesamiento de bordereaux de reaseguro, es una parte fundamental de la industria de seguros, y la aplicación de tecnologías avanzadas en este proceso, puede generar una serie de beneficios significativos.
A medida que la digitalización y la automatización continúan transformando la forma en que se llevan a cabo las operaciones empresariales, el uso de tecnologías avanzadas en el procesamiento y automatización de bordereaux de reaseguro puede mejorar la eficiencia, reducir costos y aumentar la precisión de todo el proceso.
La clave, además de la tecnología adecuada, es el especialista que la implementa. Pro-Global ofrece al mercado reasegurador local e internacional el servicio y/o la herramienta ViPR y el expertise para el análisis de bordereaux de reaseguro, el documento en que las aseguradoras especifican los riesgos cedidos a las reaseguradoras, así como las circunstancias de esa cesión y la aceptación de las condiciones dispuestas.
El servicio ETL (extraer, transformar y cargar, por sus siglas en inglés) cuyo principal objetivo es facilitar el movimiento de datos y su transformación, permite analizar la información recibida por la reaseguradora de todos sus cedentes, los diferentes soportes o fuentes disponibles, y la migración de estos ítems dispersos y heterogéneos, a un sistema único y uniforme, así como también, el procesamiento de esa información en función de la necesidad de cada cliente pudiendo agilizar el proceso de recopilación, revisión y análisis de datos.
Esto significa que las compañías de reaseguros podrán procesar grandes volúmenes de información en menor tiempo, lo que se traduce en una respuesta más rápida a sus clientes y en una toma de decisiones más oportuna y precisa reduciendo el riesgo de errores humanos y garantizando una mayor consistencia en el proceso.
Además, las herramientas tecnológicas pueden identificar anomalías y discrepancias en los datos de manera más efectiva, lo que contribuye a una mayor integridad de los registros y una mejor gestión de riesgos. La herramienta, una vez alimentada con los contenidos específicos, puede utilizarse para una variedad de fines. En el caso específico de bordereaux de reaseguro, al procesamiento de datos se suma la carga de todas las reglas comerciales y de los contratos, lo que permite, por ejemplo, validar los límites de riesgos, primas y riesgos de forma automática generando reportes más detallados y personalizados pudiendo ser de utilidad para identificar patrones, tendencias y riesgos emergentes, lo que les permite optimizar sus carteras y desarrollar estrategias más efectivas. Los clientes de Pro-Global se benefician de un flujo de trabajo continuo con los niveles más elevados de seguridad, y de un control absoluto sobre todas las variables, entre ellas las ganancias, las pérdidas, los reclamos, los siniestros, la suscripción, los desvíos, los datos. Todo ello, conlleva a grandes beneficios como reducción de costos, acortamiento de plazos, minimización de errores y mejora de la performance del negocio.
LORENA BONILLA, Gerente de Control de Gestión.
Name: Lorena Bonilla
Job title: Auditing & Consulting Manager, Latin America
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This interview was published by Insurance Edge and is shared with the kind permission of the publication
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It’s been a while since Insurance Edge (IE) has spoken to Danny Maleary, CEO of Pro MGA Global Solutions, , so BIBA 2023 was the perfect opportunity to catch up with what’s new in the world of MGA services for brokers who want to scale up and extend their reach.
IE; So let’s talk MGA support Danny, I guess you need a slightly different approach for brokers, depending on where they are on their growth journey? What’s the feeling like post-pandemic, is investment making a strong comeback?
DM; Yeah it is very positive out there now after the pandemic. We found the pandemic was an initial shock in some ways, with everyone in the broker community getting used to Teams and Zooms etc. but it was also a very productive time too. For us at Pro MGA Global Solutions we have picked up about 15+ new clients over the last 2 years or so, it’s been a very fruitful time.
The appetite for creating a new MGA is very much there, we are also finding that we have clients who want to establish become multiple MGAs. That is becoming a thing, definitely. It seems to be primarily driven by desire to enter new territories. One of the core features we offer is multi-territorial MGA properties. We can help clients navigate new territories and stay compliant as they grow.
IE; Any particular geographical areas that are hotspots for this right now? –
DM; It’s all over really, but we are seeing plenty of interest from clients who are existing MGAs and want to launch in the USA. Plus, that is also a trend the other way, so US companies wishing to become MGAs across Europe too. For us, we see significant opportunities for multi-territorial propositions.
We are seeing companies wanting multi-aligned products, all tied to their existing customer base. They might have a core proposition and want peripheral products. Lots of thought going into growth strategies right now. It’s exciting and challenging. For us 15 new MGAs last year, 66% overall business growth on the previous year.
We are also exploring a pipeline of 15 further MGAs for this year too. We are highly selective and are declining about 62% of what we see. It demonstrates to me that the quality of ideas around growth are much better now. Much of that is home based working freeing up time.
IE; One company told IE last year that hybrid working had boosted productivity by about 25%. It really makes a difference when planning a new project doesn’t it?
DM; Sometimes an office environment can offer a few distractions in terms of time usage. But hybrid working definitely helps us achieve more, plus enjoy more long weekends too. Pro MGA Global Solutions is definitely managing our time better and getting an improved work-life balance too.
IE; How is tech changing things like translating languages, like say T&Cs for regulators in different markets?
DM; It can be challenging translating some legal terms for different markets, yes. But the way to do that is by having good quality expertise on the ground. If you’re coming into Europe you need multiple versions of whatever your core language terms are and it is not easy. But it’s do-able and all about having the experts. One strength we have is offering that local multi-compliant approach.
IE; If you look at the UK, you have Gaelic, Welsh and other languages to consider adding to T&Cs. Then in a market like say Spain, you have Catalan, local Valencian or Galician dialects. All of those are really separate languages and offer a legal challenge if you get things wrong.
DM; You can’t get away from having a network of resources to resolve those problems. Pro MGA Global Solutions sees ourselves as a partnership, so we enjoy helping clients with those on-the-ground challenges.
IE; There’s so much investment in green tech now, are you seeing MGAs who want to specialise in that niche in particular?
DM: Absolutely. We are seeing more ESG and environmental propositions. There is a massive appetite for it. It tends to be driven by local government agencies, who are embracing this new technology and of course that creates demand for new insurance products. It’s about alignment and very much an uptick right now.
Products need to be thought through carefully and if insurance brands are creating lines for governments then they need to work closely on product development with the public sector.
IE; Any other growth areas you’ve spotted?
DM; Embedded insurance is being refined and developed this year. The concept of placement facilities is driving much of it. Lots of it is being automated too. In a wider sense, risk pricing and leads are being automated more too, the whole placing process is changing and offering more power to the broker in terms of choice.
The economic situation means that there’s more emphasis on value now, everyone is looking to create things that are affordable, but still deliver what is needed. There is lots of work going on in that area, people are adapting to what is going on in the world and trying to build products that businesses and individuals can buy – that’s what it’s all about.
BIBA this year is an example of how entrepreneurial the industry is, the positivity, the buzz is bigger than ever this year. It’s exciting being here and having conversations, hearing about new ideas.
IE; Great insights Danny, thank you.
Name: Danny Maleary
Job title: CEO, Pro MGA Global Solutions
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Since its inception in 1993, Pro Global has always been focused on delivering customised solutions for its clients. Starting out as a legacy outsourcing expert for the London Market, the company has since evolved into a global operation, offering specialist services including claims management, underwriting support, audit and advisory services, consulting implementation support, and technology solutions across the whole insurance value chain.
This focus has secured our reputation in the industry, and over the past 30 years of operation Pro has been recognised across the industry where it has grown a reputation as a trusted partner focused on delivering expert support, excellence in best practice and ground-breaking innovation.
Now in our 30th year – the pearl anniversary by tradition – our global presence now includes offices across the UK and Europe – including Horsham, London, Gloucester, Liverpool and Glasgow, plus two teams based in Cologne and Unna – as well as offices in the Americas (including the US city of York) and a growing number of LATAM regional teams operating in Buenos Aires, Lima, Bogota and Sao Paulo.
Investing in our future
But having an international reach is only half our story. We know that to succeed in this ever more digital and data-dependent world, having the right technologies and ability to adapt is critical.
So here are some pearls of wisdom we’ve learnt along the way, and that we will take with us as we continue to grow with focus and purpose in the years to come.
Firstly, we take investments in our tech very seriously. Over the last three decades we have invested in numerous technologies, including Pelican, our end-to-end digital claims platform built specifically for complex liability and legacy claims. Capable of absorbing data from legacy, paper-based and green screen systems, Pelican has been instrumental in ensuring smooth portfolio transfers and the releasing of redundant reserves.
Then of course there is STRIPE, our web-based allocation and distribution platform for post-bind transactions. Designed to streamline and simplify the management of ceded reinsurance – ensuring agile distribution, process transparency and direct settlement of premium and claims – STRIPE is proving vital for insureds, risk managers, cedents, brokers and carriers.
As well as helping streamline the claims process for our clients, our ability to leverage technologies such as artificial intelligence and machine learning, has enabled us to develop ProTech, a cloud-based insurance platform that has enabled our clients to digitise their insurance operations for underwriting, policy administration, claims management and accounting.
And this isn’t the only support we offer. We have a dedicated team who provide underwriting support to clients – all by using the latest data analytics tools and techniques to provide insights into the insurance market. From a client perspective, we know this is vital when it comes to making informed underwriting decisions.
We also offer audit and consultancy services, which provide clients with expert guidance on a range of insurance-related issues including mergers and acquisitions, regulatory compliance, and risk management. And then of course we have our team of experts based at Pro MGA Global Solutions. Here, we offer expert guidance, specialist implementation and regulatory oversight to enable MGAs to not only trade, but to flourish. All in all, I think it is fair to say we offer a full circle of services.
Focus fuels success
And this is what I believe makes Pro different – and why we have continued to go from strength to strength during our 30 years of operation. But of course, none of this would be possible without the quality, expertise and dedication of our amazing people. Together, we are more than the sum of our parts and I am so grateful to work with such experienced practitioners and experts as we look to the future.
Whether based in London or Sao Paulo, our team members are the key to delivering customised solutions for all our clients; we consider each and every one of them as insurance practitioners and experts dedicated to improving our industry, and their happiness is just as important to us as our clients.
This is why going forward we will continue to offer an inclusive work environment, we will continue to break down barriers on gender pay gaps and diversity, and we will continue to give back to the communities in which we work – all while helping clients navigate the complex and ever-changing insurance landscape for another thirty years to come.
Thank you to all our partners and stakeholders for your continued support!
Name: Steve Lewis
Job title: CEO and Group Head of Claims
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From regional broker M&A to the factors stimulating further movement into the MGA space, Pro MGA Global Solutions CEO Danny Maleary highlights his three key takeaways from BIBA 2023
The annual migration of insurance experts to Manchester for the British Insurance Brokers’ Association (BIBA) Conference from 10-11 May formed the starting point for another excellent event, packed full of networking opportunities, debate and news.
Several common themes cropped up in our conversations during the Conference. The first was confidence: the brokers and underwriters that we spoke to were confident that, despite 2023 overall seeing slower premium growth in broad terms, things were picking up and the sector was weathering the economic headwinds well.
There is confidence in the long-term sustainability and stability of the re/insurance sector in the UK, in particular our ability to move with the times and adapt to new trends including embedded insurance and innovative distribution partnerships.
Connections were also a key theme, particularly when it comes to M&A activity, where there was much discussion about potential further consolidation in the regional UK broking market.
There has been good growth from the medium sized brokers so far this year, which is creating significant M&A interest, with investor appetite also warming and stronger deal volumes on higher multiples on the cards. We don’t think it’s too far-fetched to expect to see further broker M&A activity towards the end of the year and into 2024.
Creativity and Drive
Finally, creative underwriting solutions were under the spotlight in a big way, driving further interest in the MGA space fuelled by the entrepreneurial spirit that prevails in our market. MGAs that can combine this creativity, expertise and specialisition with strong carrier relationships, robust underwriting capabilities, efficient technology and distribution channels, and strong compliance and regulatory knowledge are going from strength to strength.
The MGA sector is enjoying robust growth and interest thanks to its attractiveness to those proposing innovative underwriting solutions focused on delivering simpler, more relevant products to consumers. It’s clear that MGAs that bring innovation to the table and get the recipe for scalable growth right can position themselves for success in a competitive industry.
A thank you to BIBA and Steve White
But above and beyond the market-centred conversations at BIBA, there was also the announcement by the organisers that Chief Executive Steve White will retire during the second half of this year after serving as CEO for the last 10 years – the longest-serving CEO in the Association’s 47 year history.
Suffice to say that we wish Steve all the best for his retirement, and take this opportunity to thank Steve and the BIBA team for their support for the industry and the association’s excellently organised annual conference.
Name: Danny Maleary
Job title: CEO, Pro MGA Global Solutions
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This article is shared with the kind permission from Insurance Day. Original article here
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Accurately reserving historic books of business that are affected by evolving trends today is complicated by new trends, which are not always easily modelled.
The effect of inflation, particularly regarding legal costs and claims payouts, is having a direct impact on the costs of claims. Knowledge and partnerships are key to increasing cost efficiency in the face of these headwinds.
Businesses around the country have battled several large-scale events over the past few years, from the coronavirus pandemic and the ongoing impacts of climate change, to the more recent heightened geopolitical risks and impact of inflation.
For insurers, the effect of inflation and rising prices, particularly on legal costs and claims payouts, is having a direct impact on the costs of claims; and this is not just for one class of cover; it is affecting all classes.
To overcome these spiralling costs, insurers are seeking to gain control of their overall claims exposure; however, navigating new and emerging risks is no small feat. New trends are not always easily modelled and trackable, which can pose great challenges for insurers, especially when it comes to accurately reserving against historic books of business that are affected by evolving trends today.
While there are hopes inflation will ease in 2023, the recent spike in prices will be felt by insurers for some time; for carriers dealing with complex and historical claims, taking a proactive approach will be key.
Part of the focus of these defence mechanisms has been on developing and embedding operational resilience into everyday business operations. From a claims point of view, this focus leads itself into ensuring operational efficiency, whereby the effective and efficient triaging of complex claims and proactive management can help insurers save costs and even help offset the impacts of inflation.
This is a current issue for many insurers but it does not just involve rising legal and claims costs of new incoming claims. The rising cost of servicing historic, long-tail claims from an administration, legal and end payout perspective is also furrowing brows, prompting many insurers to revisit their reserving policies to ensure they are still accurate and to top them up if necessary.
For 2023, the sectors most in need of focus in regards to this development include mesothelioma claims, sport-induced head injury claims development and claims linked to safeguarding and abuse cases. A combination of heightened media attention and the resulting time lapse between injury (or exposure in the case of asbestos-related claims) and the subsequent health-related damage are the leading causes of increased claims activities in these areas.
Balancing act
For complex and historic claims, keeping costs down while ensuring fair settlements for claimants is vital, especially when one considers the huge amount of resources dedicated to individual cases. For asbestos-related mesothelioma claims, claimants have recently been given a lifeline in this regard, thanks to the recent availability of Nivolumab and Ipilimumab on the NHS.
These two immunotherapy drugs first began appearing as part of treatment plans for mesothelioma claims in 2015/16; however, they were only available privately. Considering the number of asbestos-related mesothelioma claims is expected to rise over the next few years, the NHS availability of Nivolumab and Ipilimumab could result in significant cost savings for liability carriers. And it is a win for victims too, as it opens up another route for comparable treatment, which could be better and possibly even faster than private options.
While this is welcome news, it is important for insurers to bear in mind all mesothelioma victims have the right to seek privately funded treatment and, as a result, liability carriers need to ensure they have adequate reserves for private treatment options, especially as new treatments and combination treatments cases are likely to emerge over the coming years.
Safeguarding claims
Other historical books of business insurers need to keep an eye on in 2023 are those relating to safeguarding cases. High-profile media attention has helped raise awareness of these instances and is likely to encourage further victims to come forward. For many of these claims, victims will seek compensation for any personal injury arising from emotional, physical and sexual abuse (in addition to the act of abuse itself). Such cases, understandably, require sensitive and expert handling and can take up huge resources.
To ensure claimants receive appropriate damages, whether for historical or recent claims, insurers need to ensure they have the right expertise to hand, especially when it comes to keeping check of spiralling costs. As was seen in a recent safeguarding case, unreasonably high solicitor rates can be challenged and reduced, which can be a positive – and sometimes significant – saving on insurer costs.
Another influx of claims expected over the coming years involves sports-related head injuries. While the sports sector has always produced liability claims, a different type of claim is now unfolding; one where victims are seeking compensation for the onset of neurological conditions, such as dementia, that has been caused directly by sports-induced head injuries.
Research into this debilitating condition and its link to contact sports, such as football, rugby and boxing, has been brought into the limelight recently, with many professional players facing the reality of living with the disease. However, developing neurological conditions from head injuries is not confined to professional players, with amateur players also at risk, which means the number of potential claimants could be significant.
To weather this impending storm, insurers need to understand what their potential exposures might be on a historic basis and they need to ensure they have adequate and accurate reserves to deal with them.
Increased media coverage is also having an impact on another class of claim: vicarious liability. Recent high-profile cases have resulted in an amendment of the testing mechanisms for vicarious liability, with a focus on two “close connection” assessments, both of which must be satisfied for vicarious liability to be established.
The two tests focus on the relationship between the principal tortfeasor and the defendant (Stage 1) and the relationship between the tort of the principal tortfeasor and the role and/or duties assigned to them by the defendant (Stage 2). From a defendant’s point of view, these changes mean defendants now have viable avenues to reject claims where the factual matrix allows, potentially saving thousands in costs.
Proactive approach
While there are hopes inflation will ease in 2023, the recent spike in prices will be felt by insurers for some time; for carriers dealing with complex and historical claims, taking a proactive approach will be key. Automation in reserving and optimised claims management systems (specifically designed to meet the challenges presented by complex exposure-based claims) are central to Pro’s approach to managing claims to ensure liabilities are accurately reserved.
From treating policyholders fairly and paying claims quickly, to keeping admin costs down, there is a lot that will be expected of insurers in the coming months. To succeed they will need to triage claims properly and proactively across books of business, engage with experts to help for instance with expert resourcing in cases of a spike in claims activity, to ensure business-as-usual can still proceed and make sure their reserves are as accurate as possible so they do not face an accounting black hole.
But while we are no doubt living in a world where digital solutions and innovative technology can help improve daily business operations, no one expects insurers to conquer these challenges alone. Whether for policy management, back-office operations or even claims management, seeking out partnerships and ecosystems will be integral to success.
Name: Michael Mackenzie
Job title: Head of Speciality Claims
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Advising the insured at the time of the claim is the key to success in speeding up the settlement, says Sabrina Nieto, P&C Manager.
The time lag in claims settlements, linked to the current context in which the replacement of parts and repair of vehicles is difficult, calls into question the entire claims management process.
But beyond this situation, there are other aspects that can be improved to streamline claims handling.
At the time a claim occurs, it is necessary that those involved are clear about the scope of the insurance cover and protection, and know how to proceed administratively to activate it. Otherwise, they will move forward with uncertainty, leading to delays and higher, often unnecessary, costs.
The key to containing this deviation in the settlement of a claim is undoubtedly to provide the insured with comprehensive and effective advice at every stage of this development.
Not knowing what to do or how to do it causes errors in the paperwork, with a lack of information, unnecessarily slowing down the process and generating higher costs for insurers. Similarly, lack of knowledge can lead to the idea of wanting to involve an external lawyer, generating a higher cost for the insured, when in fact it is unnecessary.
Therefore, what happens at the zero point of a claim is key, and at Pro-Global we know this, because we are experts in claims settlement; we focus our attention on cases from their initial point.
We have been in the insurance market for 29 years, offering services at a national and international level, promoting adequate advice to the parties involved, to save money for our clients and the insurance companies.
At Pro-Global we have a value proposition to accompany the previous advice with the objective that the companies that work with us arrive at the ‘zero’ moment in the best possible position. We are the expert support to help our clients and your clients move up the ladder in this regard.
To find out more about our solutions for claims handling and settlement, please visit: Pro LatAm
Name: Sabrina Nieto
Job title: P&C Manager, Latin America
To speak to the Pro Global team please feel free to reach out to us at:
To contact our PR team directly please use the link below
EL asesoramiento al asegurado en el momento del siniestro es la clave del éxito en términos de agilidad y rapidez en la liquidación, afirma Sabrina Nieto, Gerente de P&C.
El lapso que transcurre en la liquidación de siniestros vinculado al actual contexto en el que se dificulta la reposición de autopartes y la reparación de vehículos, pone todo el proceso de gestión de siniestros bajo la lupa.
Pero, más allá de la situación macro que afecta la normal dinámica de este proceso, hay otros aspectos que se pueden mejorar con el objetivo de agilizar esta gestión.
En el momento que ocurre un siniestro, es necesario que los involucrados tengan claridad absoluta sobre el alcance de la cobertura y protección del seguro y sepan cómo proceder administrativamente para activarlo. De lo contrario, avanzarán desde la incertidumbre generando demoras y mayores costos, muchas veces innecesarios.
La clave para contener esta desviación de la liquidación de un siniestro, que bien podría ser ágil, es, sin dudas, brindar al asegurado un asesoramiento completo y efectivo, sobre cada etapa de este desarrollo.
No saber qué hacer o cómo hacerlo, muchas veces desencadena en cometer errores en los trámites o a omitir información, ralentizando innecesariamente el proceso; y generando mayores costos para las aseguradoras. Del mismo modo, la falta de conocimiento acerca de la documentación necesaria a presentar promueve una cierta desconfianza que puede derivar en la idea de querer involucrar a un abogado, convocado por la incertidumbre que esto conlleva, lo que le genera al asegurado, un coste más alto, cuando en realidad es innecesario.
Para una ágil tramitación de siniestros es fundamental tener la información completa y correcta al momento cero del siniestro. Sin embargo, es muy frecuente que el proceso de atención y gestión se prolongue en el tiempo por falta de documentación o datos erróneos. En la experiencia, algo que puede estar resuelto en 15 días se extiende en ratios más extensos.
Por ello, lo que sucede en el momento cero de un siniestro es clave, y desde Pro-Global sabemos esto, porque somos expertos en liquidación de siniestros; enfocamos la atención de los casos desde su punto inicial. Tomamos contacto inmediato para trazar y explicitar el desarrollo del caso; resolver inquietudes y encontrarnos a disposición por cualquier inquietud que surja. Hace 29 años que nos encontramos en el mercado asegurador; ofreciendo servicios a nivel Nacional e internacional, promoviendo un adecuado asesoramiento a las partes intervinientes, con la finalidad de procurar ahorrarle dinero a nuestros clientes y a las compañías de seguros.
En Pro-Global tenemos una propuesta de valor para acompañar el asesoramiento previo con el objetivo de que las compañías que trabajan con nosotros lleguen al momento cero en la mejor posición posible. Somos el soporte experto para colaborar a que nuestros clientes y sus clientes suban de nivel en este aspecto.
Para conocer nuestras soluciones en atención y liquidación de siniestros, pueden encontrarnos en: Pro LatAm
Name: Sabrina Nieto
Job title: P&C Manager, Latin America
To speak to the Pro Global team please feel free to reach out to us at:
To contact our PR team directly please use the link below
