Insurance claims services

Claims patterns and trends reflect what is happening across the globe, from pandemics, catastrophes to politics and culture. Decisions made by claims teams can often have significant consequences that shape the financial landscape both commercially, and reputationally.

We often assist clients with claims litigation cases and with clients who must suddenly deal with an influx of unanticipated claims. 

Current market challenges

The critical challenges for insurers are balancing cost control against the need to pay legitimate claims and keep clients satisfied. Claims are in flux and currently experiencing the biggest shake-up of the last decade. Customer expectations have altered, with customers and the general public pushing for more sustainable, real-time solutions.  

Key trends we have identified in claims are as follows: 

Technology plays a part not only in claims process transformation but also in loss prevention. We expect technological change projects to continue to dominate both short and long-term claim projects.

Risk Prevention 
Insurers are looking more holistically at risk and how to work with policyholders to prevent claims. Technology and data help drive the risk prevention agenda.  

Sustainability in claims continues to be a key driver. Motor appears to be leading the way with increased engagement from manufacturers, suppliers, and customers.  

Data enrichment 
The market as a whole is data-driven. Data drives claims management and fraud detection. Availability of data and data transfer speed allows for better and quicker decision making, which shapes the claims function.  

Supply Chain Disruption 
The last year has seen an unprecedented amount of disruption in the UK supply chain. As well as creating an unexpected influx in the claims market, supply chain challenges continue to affect the speed and cost of claims directly.

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How we can help

We can assist at many stages in the claim cycle. Below we highlight different claim solutions we provide:

Prior to loss 

  • Underwriting 
  • Pricing 
  • Exposure management 

Claims Management 

  • Process Optimisation 
  • Policy and procedures 
  • Third-Party Supplier management 
  • Claims Audit  

Advisory services 

  • Regulatory compliance 
  • Portfolio analysis 
  • Run-off 
  • Complex & contentious claims  

Reporting and analytics 

  • Governance and oversight  
  • Automation of processes 

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Case study

We recently worked on a review regarding the settlement of claims made under the ATOL protection scheme resulting from the collapse of a British, Global Travel group.

At the time of engagement, the claims process was in its infancy stage, and Mazars shared some best practice processes and lessons learned from other such projects to assist with developing the claims system. The project was time-sensitive, being subject to both public and governmental scrutiny.

Mazars were engaged in assuring the processes and controls to compensate future customer bookings and out-of-pocket expenses made due to the collapse. The project included reviewing two claims management companies (CMCs) appointed to process claims. Mazars also provided insight and participated in the presentation of losses to insurers.

The review was more recently extended to cover the review of the claims handling arrangement regarding claims settled and paid by the CMC’s specifically looking at the timeliness and accuracy of the claims handling and the effectiveness of fraud detection. This involved reviewing a representative sample of claims within agreed criteria.

Get in touch

To discuss any of the above services with a member of our Insurance team, please contact us today

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