Improving Home Insurance Claims Handling: A Call for Better Communication and Resourcing

The Australian Securities and Investments Commission (ASIC) has recently conducted a comprehensive review of home insurance claims handling practices, shedding light on the crucial areas where insurers must enhance their operations. The review examined data from over 218,000 claims submitted between January and March of the prior year, encompassing six insurers that together cover 63% of the home insurance market. The results of this analysis revealed both commendable practices and areas that demand immediate improvement.

Aiming for Excellence: The Call for Effective Handling

Deputy Chair Karen Chester emphasised that perfection isn't the goal but efficient and well-executed claims handling. The review has underscored five key areas where insurers need to focus their efforts:

1.Communication Enhancement: The clarity of communication during claims processing emerged as a crucial factor in customer satisfaction. Transparent communication about claim timings is imperative to maintain customer trust.

2.Resource Allocation: With frequent and severe weather events becoming the "new normal," insurers must ensure adequate resourcing for claims handling and dispute resolution teams. Under-resourcing can hinder timely claim resolution and customer service.

3.Vulnerable Consumers: The review identified a need for insurers to identify better and support vulnerable consumers. Tailored approaches and assistance for such customers are pivotal in ensuring fair and equitable claims handling.

4.Project Management: Proactive project management of repairs and seeking customer feedback led to positive experiences. The review highlights the importance of appointing internal project managers to manage the complex assessment and repair process.

5.Complaint Management: Efficient complaints handling is essential. Insurers should allocate sufficient resources and streamline their complaints handling functions to prevent customer dissatisfaction.

EstImage Property: Elevating Home Insurance Claims Handling

Amidst the findings of the ASIC review, EstImage Property emerges as a solution to streamline and improve home insurance claims handling. This cutting-edge tool offers insurers a comprehensive approach to tackling these challenges:

1.Efficient Communication: EstImage Property goes beyond by enabling transparent communication among insurers, suppliers, and claimants. The custom-built GICOP feature supports insurers and suppliers to capture and manage vulnerabilities or feedback while providing a mechanism to escalate and alert managers as needed. Additionally, the platform streamlines the process of capturing, storing, and reporting pertinent data, allowing for seamless collation and sharing of information with the governing body. This ensures that all parties remain well-informed throughout the entirety of the claims process.

2.Resource Allocation: EstImage Property empowers insurers to optimise resource allocation efficiently. Smart lists, which operate as dynamic dashboards, offer real-time data insights. This feature enables insurers to make informed decisions, ensuring effective resourcing of claims teams and enhancing overall operational efficiency.

3.Vulnerable Consumer Support: EstImage Property identifies and assists vulnerable consumers with the purpose-built GICOP feature. This capability enables the platform to capture, display, escalate and report crucial data related to vulnerable customers. Notably, all stakeholders are promptly informed and enlightened about these vulnerabilities throughout the claim lifecycle. This approach ensures that fair and equitable treatment is extended to all customers, reinforcing a strong commitment to inclusivity and responsible customer care.

4.Complaint Resolution: Through its streamlined and real-time communication channels, EstImage Property plays a pivotal role in facilitating effective complaints handling and expeditious resolutions. Notably, the platform's GICOP feature introduces a specific Feedback action designed to capture essential data pertinent to complaints. This dynamic feature enables seamless escalation and reporting and integrates seamlessly within insurers' comprehensive complaint resolution processes, reinforcing a commitment to resolving issues promptly and comprehensively.

The Path Forward: Elevating Home Insurance Claims Handling

The ASIC review has set the stage for positive change within the home insurance industry. As the findings call for improved communication, resource allocation, and consumer support, solutions like EstImage Property stand ready to lead the way.

By embracing advanced tools that prioritise customer communication, streamline processes, and enhance resource allocation, insurers can navigate the complexities of modern insurance landscapes effectively. We can build a stronger, more responsive home insurance sector that prioritises customer satisfaction, efficient operations, and ethical practices.

For more information on how EstImage Property can transform your claims-handling approach, reach out today. Let's embark on a journey toward excellence in home insurance claims management.