Compensations: Fast, satisfactorily and with minimum involvement
Mr. Manning highlighted the benefits of using a loss assessor, but also the important role of the insurance broker, who "can no longer be just an insurance salesman. He/she should also take on the role of risk manager." In fact, he said, as companies are constantly looking for ways to reduce costs, often to the detriment of the customer, the presence of a broker, especially in the event of a loss, can secure a compensation 30% higher. "The advantage of a broker is the protection, support and advice he/she offers, not the price," Mr. Manning said.
A sale based on price is not a solution
"When my clients focus on cost, I tell them: the premium is not the cost of risk, but the cost to avoid it. What is the total cost of the risk? These are premiums, fees and commissions, the cost of risk control, insurance excess and exemptions, but also the uninsured and / or self-insured losses, as well as any part of the losses that are not compensated due to underinsurance. The latter two are what usually destroy a businessman when a loss occurs. That is why I reiterate that the value of an insurance policy lies in the protection it offers and not in its price", Mr. Manning stated.
For him the quick recovery of the insured is equally important. "The faster the insured recovers, the better his chances of survival. Surveys have shown that 50% of businesses do not recover after a loss, 13% recover but change their broker, and 37% recover while remaining with the same broker," he said, referring to another survey conducted worldwide, involving almost 25,000 customers in 33 countries that shows how important good service is: This survey showed that, in America alone, 55% of customers changed their provider, last year, due to poor service, at an estimated cost of $1.6 trillion.
Why is adequate coverage so important for an SME or small business?
According to Mr. Manning, "the most important contract that our customers must have in their business life is their insurance policy. Any damage, even business damage, can easily become personal if the insurance policy we have taken out does not cover the risk properly. That is why the coverage must be global, all-encompassing. We need to explain this to our customers - especially small and medium-sized enterprises. Because many businesses, including mine, are our only source of income. Second, it is our main, if not our only investment. I will continue to maintain my current lifestyle in the future through continuous reinvestment in my business. Third, I hope to retire from my business. We as freelancers can not rely on the government for our pensions, we have to take care of ourselves. Also, the commitment-mortgage of our personal assets is often required. The impact on the community must also not be overlooked. If one becomes unemployed, this can lead to the breakdown of the marriage, divorce, and even suicide. So I hope this gives you an idea of the importance of the product we are selling. "
In Greece, the language protects you
Since 1971, when the Australian speaker began his career in the insurance industry, huge changes have taken place, as result of the evolution of technology. Although, he said, he does not believe that professionals will be replaced by computers, it is a fact that the insurance industry is under enormous pressure and change: large insurance companies are expanding geographically, which helps them to spread the risks and have less need for reinsurers. The latter in response began to be active in direct insurance, while direct products and online sales are growing more and more. New IT systems and better use of big data make new entrants more flexible and more competitive, putting traditional players out of the market. Manning noted that "In Greece, the language protects you. It is not easy to reach your customers, as is already the case in Australia and New Zealand, where companies from the US or the UK sell online even without the need to have offices in those countries. Traditional insurance companies have been forced to make large investments in order to respond to this increasing trend, while at the same time there has been enormous pressure on premiums/"
The insurance brokers are under pressure, of course, as they see their revenue and profit margins shrink, and inevitably lead to mergers. At the same time, "technology has replaced people who have retired and left the field. This has created a wave of new talent coming into the industry who are desperately looking for knowledge, but do not have the advantage of the know-how nor the time allowed to my generation in order to learn", Manning said.
And what is the role of the loss assessor? Does it compete with the broker's?
"Just as a general practitioner will refer a patient to a specialist or surgeon in the event of a serious illness or accident, in a similar way the broker brings his client to the loss assessor to assist him as a specialist when the damage occurs. "Just as the specialist doctor returns the client to the general practitioner at the end of the procedure, so does the loss assessor," Manning replied, adding: "The value of the insurance is proven at the time of the damage. At this point, using a specialist, such as a claim preparer and handler, can prove to be a great advantage for your client. The customer then realizes how important his business and his insurance policy are when the loss occurs. He has never read his contract before and he is looking for guidance in that exact moment ".
What exactly does a loss assessor do?
The directors of FAIR Consulting, Messrs. Apostolos Voulogas and Vassilis Kratsas, gave us the answer in their introductory speeches:
The loss assessor undertakes on behalf of his client, individual or company, that has been damaged, to handle the entire process, so that he is compensated quickly and fairly. In this context, the loss assessor informs the insured about what their insurance policy covers and what it does not, explains whatever is not familiar to them, fills in quickly and accurately all the documents required by the insurance companies, informs comprehensively and accurately both their client and all other parties involved in the loss (insurance brokers, insurance company claims executives, loss adjusters, lawyers).
The most important thing in a compensation case is speed and balance, so that all parties are satisfied. To achieve this, however, loss assessors, insurance companies, brokers, loss adjusters and policyholders must act as a team. The loss assessor plays a crucial role in this direction, as he ensures that the cooperation is honest and fruitful and that there is trust between the parties.