The risk store and IRESS have announced the latest Xplan Risk Researcher software version will, for the first time, include a claims management rating for advisers.
This rating process, taken from the risk store’s Claims Management Analysis Programme (C-MAP) initiative, delivers a detailed analysis for advisers of the way an insurer manages claims, which can then be used as a basis on which to monitor the quality of the claimant’s experience at claim time.
C-MAP is the brain child of risk store founder, Sue Laing, who identified a gap that existed in the area of benchmarking life company claims services from the point of view of the claimant: “It’s very possible to be paid a claim and have a lousy experience along the way,” says Ms Laing. “It’s also possible to be denied a claim but to be treated with exemplary attitude and service along the way to that denial.”
… we rely too much on quoting percentages paid and give no attention to measuring and championing the quality of the experience
Ms Laing added that, “As an industry we rely too much on quoting percentages paid and give no attention to measuring and championing the quality of the experience.”
From the IRESS perspective, the firm’s Head of Research Services, Louie Dimovski, commented “… any robust data that can legitimately and validly assist advisers in their choice of insurer is a worthwhile addition to the research output.”
“We are confident that more insurers will undertake the C-MAP analysis and meanwhile advisers can choose if this is a critical element in their selection of insurer, or not,” added Mr Dimovski.
risk store MD, Peter Wincott, noted that “At this point, BT and AIA Australia are the only retail insurers to have a current, publicly released C-MAP result in place and so they are the first to appear in the new [research software] column.”
