Outsourcing Your Clients’ Claims?

Our latest poll is seeking your view on the prospect of outsourcing your clients’ claims processes to a third party.

We’re asking you this question following a report that risk specialist firm Australian Financial Risk Management’s claims advocacy service (ACA) is experiencing success in delivering its advocacy services on behalf of a growing number of advisers and advice businesses (see: Lack of Time Driving Advisers to Claims Services).

Time appears to be of the essence in this conversation…

Time appears to be of the essence in this conversation. Quite simply, it appears some advisers and advice firms prefer to hand their clients’ claims to a business purpose-built to represent the client’s interests in the claims process; such advocacy services being borne from within the industry, as is the case with ACA, rather than external advocates such as specialist legal firms.

Outsourcing their clients’ claims to a third party may be a non-negotiable for many advisers, who see this service as an integral and fundamental way in which they deliver value to their clients – where they stand beside their clients at a time when they’re needed the most. Is this you?

Yet, claims advocacy services are on the rise; ACA being one of several services which have emerged from within the sector itself over the last few years, clearly reflecting an emerging demand.

We’d love to get your take on this emerging trend and whether you are or would be, prepared to consider it for your own clients.

Tell us what you think and we’ll report back next week.