'Risk Managers Need Additional Resources to Successfully Handle Large Claims' warns Echelon following the AIRMIC Conference
22nd June 2009 - At Echelon Claims Consultants' first AIRMIC Conference in Bournemouth last week, their discussions with Risk Managers revealed that most would not have sufficient resources and specialist skills in house to handle large or complex claims.
Candy Holland, Managing Director, Echelon, says" We spoke to a number of Risk Managers during the conference and the message was the same across industries and different size companies. Most Risk Managers readily acknowledge that they would need to seek additional specialist assistance in the event of a large and complex loss as it would put a strain on their time and the in house resources available to them."
As is often the case in a more economically challenging market, trends are that insurance claims are increasing. It was recently reported by The London 100, a group of leading insurance executives, that total claims have risen by 10% since last year and the value of open claims in the market has increased by some 35%. Furthermore, new categories of claims are emerging in the wake of the sub-prime crisis, financial frauds and the ongoing recession.
Candy Holland continues, "Claims service has been a particular area of focus for AIRMIC in the past year. Risk Managers don't want surprises and must have confidence that, in the event of a major loss, their insurance product will respond promptly and as expected. The process of evidencing and settling a large claim is inevitably very time consuming and complex. Risk Managers can struggle to fit this additional workload into their normal day job. It is the responsibility of the insurance industry to recognise their clients' needs in this area and help them engage with the necessary expert support."
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Enquiries:
Candy Holland
Echelon Claims Consultants Ltd
Tel: 020 7558 3230
EMAIL
PR Enquiries:
Isabella Young
Tel: 020 7528 4444
EMAIL
Marketing Enquiries:
Chris Lapworth
Tel: 0207 558 3325
EMAIL
About Echelon
www.Echelonccl.com
Echelon's international claims practice is based in London, Hong Kong and Australia. It is an international, multi-disciplined, claims consultancy practice, specialising in the resolution of large, complex and contentious claims across a broad range of industries. Claims experience is used to help companies stress test insurance cover and improve their claims management processes.
Services include:
- Claim evaluation and preparation
- Claim presentation and negotiation
- Advice on coverage and strategy
- Dispute resolution
- Litigation support
- Claims audit
- Pre-loss services
