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As part of the ongoing development of our products and services, understanding the changing legal needs of our clients enables us to continually refresh, improve and develop what we offer. These could be insights on the types of claims customers are making that we accept under the policy, but equally claims that we repudiate where there isn’t a section of cover or the claim falls within an exclusion. This level of customer outcome analysis enables us to explore including new sections of cover or, considering the removal of certain exclusions or policy conditions.
Another important outcome of providing MI is the ability for it to be used to clearly demonstrate the value the products provide. This is a particularly important factor in supporting our clients to ensure their customers understand what the products provide and the value they can deliver.
MI directly assists our partners in understanding the underwriting risk; a particularly important factor in supporting those larger insurer clients where we provide management services, but they underwrite their own legal expenses insurance.
To ensure that our products are meeting the needs of clients and their customers, we constantly review claims data as part of a dedicated outcome analysis process.
As mentioned, our MI allows us to gain detailed insight into factors such as the usage of different sections of cover and reasons for claims declinature. Where we identify significant trends, we can consider making changes that should lead to a lower claims declinature rate.
The outcome analysis process enables us to discuss product developments and opportunities to enhance cover specifically relating to the client’s customers’ needs. The ability to provide this kind of detailed insight helps to strengthen client relationships and ensure cover reflects or even exceeds market standards.
Automation enables us to improve client access to MI. Our reporting system automatically generates the data and securely distributes it to clients through our dedicated portal and alerts the client when new data is available.
Alongside automation, we have robust and thorough internal processes to compile, review and check the accuracy of the data. These processes involve departments across the business including finance, claims, complaints and audit with sign off at the most senior level within the organisation. In addition to internal audits, the data from Third Party Suppliers is regularly audited and we have external audits from our underwriters, capacity providers and clients.