How insurers can comply with the General Insurance Code of Practice during the claims process
As Australian insurers implement requirements of the new General Insurance Code of Practice, which came into effect in January 2021, there is a stronger focus on customer outcomes for insurers, their distributors, and service providers. This focus extends from the customer’s first engagement with an insurer through to policy purchase and throughout the claims process.
With the new Code now in effect, many insurers are finding that their existing solutions and processes may fall short of complying with the Code’s increased customer-centric requirements, particularly when it comes to communication and meeting community needs, standards, and expectations.
The Code now requires insurers to demonstrate more value, transparency, and fairness in products and services. It aims to promote trust, integrity, and respect, and provide accessibility and additional support for insurance customers. The Code also aims to quickly resolve customer concerns and prevent future customer issues caused by insurers.
There are three key ways that insurers can meet requirements of the Code during the motor vehicle claims process.
1. Provide accurate, timely communication with customers
Insurers must take the lead and proactively drive communication with customers throughout the claims and repair process to ensure compliance with the Code. Insurance assessors and administrative staff therefore require access to real-time customer, claim, and repairer information through a centralised platform. Insurers should seriously consider using a platform that automatically sends mandatory customer updates and incorporates reminders for overdue communication. This will ensure customers receive appropriate communication throughout the repair process and will help team members focus on the more complicated areas of a claim while complying with Code requirements.
2. Implement software that scales with the business
Under the Code, general insurers need to demonstrate even more transparency, trust, and integrity throughout the claims process. Achieving this relies on seamless workflows and consistent communication between insurers, customers, and suppliers. This transparency must be maintained even during spikes in insurance claims following major insurable events. Secure, cloud-based software solutions that have been developed specifically to support insurers, such as the EstImage suite of products, helps drive intelligent workload allocation, communication, and follow-up processes that support the Code’s requirements for maintaining transparency.
3. Facilitate supplier responsibility and communication
Maintaining reliable communication with suppliers throughout the claims process is essential for insurers. By investing in solutions that streamline insurer-supplier communications—for example, by providing suppliers with the ability to notify insurers of any issues, code breaches, or vulnerable customers without having to rely on emails—insurers can reduce the risk of lost or unsecured emails and remain Code-compliant. However, communication shouldn't stop when a repair is completed. To maintain a positive customer experience and enhance customer engagement, it’s important for the insurer to check that everything is operating well on the vehicle and the customer is satisfied with the quality of the repairs. This is a good opportunity for insurers to obtain customer feedback for relevant suppliers and repairers to help improve their level of customer care, which also impacts the insurer’s compliance with the Code.
Australian general insurers are under pressure to maintain a fine balance between managing the needs of multiple stakeholders such as customers, repairers, and regulators, as well as process thousands of claims daily while meeting ongoing regulatory change.
The emergence of secure, cloud-based insurance software solutions is helping to bridge the gap between insurers, assessors, and repairers, and how insurance claims processes are delivered to, and communicated with, the customer.
EstImage has been working as a trusted partner providing cloud-based technology to Australian general insurers for the past two decades. This has helped insurers keep pace with technology evolution, gain a competitive edge, enhance the customer experience throughout the claims and repair process, and meet regulatory compliance needs.
To learn more about how EstImage is helping Australian insurers comply with customer-centric needs as outlined in the General Insurance Code of Practice, contact our specialist team today.