News and Media
21 July,2008
Claims Reforms Welcomed
The UK Government’s announcement of proposed reform to the Insurance claims system is likely to have profound implications for both the public and Insurers, particularly so in the PI claims sector.
Similar wide-sweeping reforms in the Republic of Ireland, some years ago, with the introduction of the PIAB structure ( Personal Injuries Assessment Bureau), ignited a sea-change in the claims processing culture and revolutionised the cost of doing so.
The additional tightening of FSA scrutiny & monitoring, currently being heavily publicised, will also greatly add to a more transparent but user friendly system and significantly so with the added drive to promote TCF (Treating Customers Fairly) policies across the industry. The CII endorsement of the need to sweep away historical inefficiencies adds a powerful voice to the reform lobby however the continued delay in the publication of any concrete proposals remains a concern to practitioners across the sector.
A leaner, cost efficient system augers well for more effective claims closure given the stressed market environment and once again Gibraltar can embrace the benefits presented by these proposals, when published, with the added dimension of further cost saving opportunities for Insurers under the Freedom of Services, Captive & PCC legislation unique to the haven.