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Brokers Take Heed

While claims transformation will affect all those in the industry, for brokers it will prompt better communication with your clients. Here are a few tips that can help you do just that.

  1. Stay informed. Brokers are stakeholders in claims transformation, so they must keep up-to-date. Don’t be afraid to ask your carriers questions because it will affect your business.
  2. Manage change. Be prepared to minimize grief for your customers and plan for risk management. Have extra staff on board for contingency and for a smoother transition. (For example, to handle customer queries about changes to their service agreements.)
  3. Enforce healthy relationships. Interaction between brokers and the claims community (adjusters, insurers) is important to help control and process claims for your clients.
  4. Understand the bottom line. If you can control claims costs or the costs of administering a claim, you will see reasonable rates and premiums. This should result in a more persistent block of income.

© Copyright 2010 Rogers Publishing Ltd. This article first appeared in the May 2010 edition of Canadian Insurance Top Broker magazine.

Transcontinental Media G.P.