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FCA Review into SME Claims

Published: 02/07/15

The Financial Conduct Authority recently conducted a thematic review, looking specifically into the handling of insurance claims for SMEs.

Whilst it could be said that the results make pretty difficult reading, many of the issues raised do not really come as a great surprise to those of us who work within commercial insurance.

So, here, in a nut shell is what it said:

General insurers are failing SME customers, who are often left underinsured and confused by claims services, according to the FCA’s latest thematic review.

SME clients were left disappointed by their insurer’s claims service, claims were not managed effectively and poor communication between all parties left the customer confused as to who was delivering the service, the FCA study claimed.

Under Insurance
The worst finding, however, was that in about 21% of claims the sums insured were inadequate to cover the losses suffered by the policyholder.

In some of these cases, the amount of cover purchased was below 50% of the actual loss. It is clear that underinsurance is a huge issue for the industry.

Unable to understand the complex wording of their policy or properly assess the level of cover required, it seems customers are simply choosing the cheap option.

Taking a Gamble
The report went on to say that without the necessary information laid out in simple, digestible terms, they are left to gamble on not getting the cover they need, particularly when it comes to business interruption.

This lack of transparency remains a feature throughout the claims process. Many SMEs are unaware of the roles each party plays in the process, or who is driving the claim to a final resolution.

Flint Claims Service
As your insurance broker Flint is involved at every area of the insurance process; however, we do understand that claims are particularly important to our clients. Over the last few years we have invested heavily in our claims service; bringing in our own specialist consultants to liaise more closely with insurers on behalf of our clients. Our claims consultants are there to give advice at the time of policy inception and support should a claim occur.

Please read on to see Flint’s full response to this review.

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