The importance of Claims Management - Insight from our Managing Executive: Claims and Legal
THE IMPORTANCE OF CLAIMS MANAGEMENT
The claims management process is not a once-off event or a simple annual review completed on a checklist. Claims management involves a constant review of each and every process, from new claims notifications, the appointment of service providers, selection of suppliers to the settlement of claims and possible recoveries.
At IUM we are constantly reviewing these processes to ensure optimal efficiency in all areas. An excellent example of this would be the centralisation of reporting a claim, we believe that this gives the broker and client peace of mind knowing that the claim has been received at a central point and is being dealt with by the appropriate department.

Claims management also ensures that claims costs are kept within acceptable parameters. If left unmanaged these costs can easily exceed acceptable norms which will, in turn, have a detrimental impact on the insured’s loss ratio and future premiums.

 
Managing the entire supply chain has also become a key focus for IUM. We aim to partner with service providers and suppliers in order to negotiate cost savings that result in reduced expenses and an enhanced customer service and experience. Our key objective in this process is to ensure that clients loss ratios remain as low as possible without sacrificing quality and service.

Our belief that visual communication transcends all communication barriers has resulted in IUM's partnership with LiveLogik from Australia, which drastically reduces the inconvenience of submitting a claim. LiveLogik allows IUM to connect with the client via their smartphone and digitally capture and assess the loss through a live video stream. We have seen a radical improvement in our turnaround times by making use of this secure technology. We also recently completed two assessments in Zimbabwe and Namibia on the same day the claim was submitted to IUM.

We are steadfast in the belief that our robust processes and procedures ensures that IUM places the client back in the position they were in prior to the loss occurring. A true testament of this is that IUM boasts a proud record of settling 99% of all claims submitted. The decision to reject a claim is not taken lightly and IUM provides the broker with a 48-hour notice window period. The notification lists IUM's reasons for the possible rejection of the claim and allows the broker and insured the opportunity to provide us with any information which might influence this decision. This process ensures that the broker is involved in every step of the claims process.
ABOUT OUR MANAGING EXECUTIVE: CLAIMS AND LEGAL
Nico initiated his insurance career after completing his BProc Degree at RAU, during which he also completed his LLB Degree and completed his articles shortly thereafter. This set the precedent for his strong work ethic early on in his professional career.

Nico then spent the next 8 years in various roles from Recoveries Manager to Large and Complex Claims Manager. To further his professional knowledge, he pursued his MBA with Henley Business School as well as his Higher Diploma in Tax Law. He also served as a Marketing Manager for 3 years after which he returned to his first passion, the claims environment. He was then recruited by IUM for the position as Managing Executive: Claims and Legal.

Nico is passionate about the people he works with and ensures that his staff have fun whilst working and learning. His favourite words for his fellow employees are ‘What do you think?” as he values each and every opinion.

Nico believes in a steady balance between work and his personal life and is an immense supporter of the arts as his wife is a drama teacher. He is also a father of two children, a rugby referee for the Lions Union and an avid runner.
PERSONAL PRODUCT OVERVIEW

Our Personal product highlights can be downloaded by clicking the button below:
Personal Product Highlights
Copyright © 2019 Insurance Underwriting Managers (Pty) Ltd. FSP number: 21820, All rights reserved.


Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list