Most brokers have to battle harder to secure claims pay outs, says Biba
New research also reveals that more than 90% of brokers secure an increased payment on a claim following an initial lower offer from insurers
New research from the British Insurance Brokers’ Association (Biba) reveals that 58% of brokers have to fight harder to get insurers to pay claims during the recession.
The survey also shows that 91% of intermediaries have secured an increased payment for a claim, on behalf of a client, following an initial lower offer from the insurer.
Some 87% regularly negotiate up to a 20% uplift on claims and 94% overturn a claim rejection occasionally or often.
Biba plans to use the research in the media
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
Aviva claims Acturis API first with broker roll out planned for Q1 2025
Aviva has become the first insurer to create a claims application programming interface for integration with software house Acturis.
People Moves: 9 – 13 December 2024
Stay in the loop with the latest personnel moves in insurance.
Review of the Year 2024: Markerstudy’s Gary Humphreys
Gary Humphreys, group chief underwriting officer at Markerstudy, hails the completion of the Atlanta deal, dreams of having the MGA’s brand adorn the Tottenham Hotspur Stadium and mulls sitting on the sofa and doing Channel 4’s Gogglebox.
MGAs build confidence in a complex non-standard risk market
In a roundtable hosted by Geo Underwriting at Broker Expo 2024, industry professionals explored the challenges brokers face in placing non-standard risks. This article examines the key themes that emerged from that discussion.
Sicsic FOI uncovers insurance firms’ £2.7m S166 bill
Insurers and insurance intermediaries paid a total of £2.7m for Financial Conduct Authority-commissioned skilled persons reviews in the financial year 2023/24, according to a Freedom of Information request by Sicsic Advisory.
JMG expands into North Wales with Anchor buy
JMG Group company, Butterworth Spengler Insurance Brokers, has bought Anchor Insurance, growing its presence into North Wales.
Lycetts buys broker Cheviot
Lycetts has strengthened its presence in the North East, purchasing fellow Newcastle-based broker Cheviot Insurance Services.
Close Brothers to launch digital commission disclosure consent solution
Close Brothers Premium Finance has announced plans to launch a new digital solution to help brokers fulfill their commission disclosure consent obligations.