United Kingdom
UK
Search
Close this search box.

Global Spotlight: How to Embrace the Post-Pandemic Era of Settlements

Managing litigation costs and timeframes is an expensive, time-consuming task for many carriers across the world. To make matters worse, the inability to source a COVID-19 safe jury and adjust court processes to meet virtual demands has meant the wait for a jury ticket is ever increasing. Read on to find out how you can reduce costs and speed up settlement by harnessing key pandemic-era learnings. 

Carriers can take back control of this process by engaging in strategic litigation and settlement processes, with our team of experts sharing their top tips. 

 

1) Timing is everything 

When claim resolution is delayed, extended, or poorly communicated to a claimant, the likelihood of litigation rapidly increases. This can lead to a complicated process before discussions can even begin, costly work, and a failure to actually solve a problem, but rather win or lose an argument. Early claim investigation is the cornerstone of successful litigation avoidance and often leads to better positioning, if and when a claim is filed. To avoid the hassle, it’s imperative carriers have a process in place to quickly assess and assign resourcing for lawsuits.  

 

2) Balance the customer with commercial needs 

The negotiation and settlement process remains one of the most customer-centric areas of our work as carriers and it’s important we see this trend as a moment in time to re-embrace this humanity of our business. Remaining commercially advantageous for both you and your client’s business will always be our bottom line, but in 2021’s economic recovery phase, carriers should consider a mix of offensive and defensive actions to reach the best outcomes. At the negotiating table, make sure your team has set their strategy straight on how they will best collaborate with the claimant to reach an optimal outcome. This could look like behavior setting through forthright discussions, outlining clear commitments for both parties, and working to find a mutually beneficial agreement. Bringing both offensive and defensive actions to the table will be the golden ticket to an advantageous, but fair, outcome. In fact, carriers may see improved profitability and greater outcomes by embracing a more empathetic, human-centric approach to negotiations.  

 

3) Remaining agile 

While we may all be a bit tired of hearing that all-encompassing buzzword ‘agile’, it’s a concept we must all accept as the rapid adoption of digital communication changed our industry. Bringing creativity back into the claims process will be key to remaining agile. Consider how you could offer tangible solutions to claimants beyond just monetary means, and treat no two claims the same. We no longer need to play by the old rules, and can find solutions that pave a stronger path forward for both claimants and carriers.  

To learn more about how we can help you remain agile to changing settlement trends, connect with our team of experts. 

More Posts

Insights

What’s Next for ESG: Six Expert Tips for Insurers in 2024

One key topic that has gained significant regulatory interest in the insurance sector is ESG. As new regulations and reporting standards emerge, insurers are facing increased pressure to adapt. Ashley Easen, Director of Risk and ESG, shares invaluable strategies for insurers to navigate these changes, build trust, and safeguard their reputation.

Read more
Insights

Building Storm Resilience: Five Tips for Surge Claim Readiness

The past few weeks have seen adverse weather hit the UK, and floods pose unique challenges, demanding insurers tailor response plans specifically for these scenarios. As the UK contends with extreme weather conditions, we bring you five tips to preparing a robust storm surge support plan.

Read more
Insights

The Talent Tide: Attracting and Retaining New and Established Talent

In the new world of work, organisations are witnessing a shifting tide in the convergence of both emerging and established talent. To support insurers to effectively attract and retain diverse talent, Gordon Vater, Managing Director – GB Technical, shares the essential strategies for navigating the shifting talent tide.

Read more
Insights

Customer Service: Preparing for the Festive Season and Learnings from the 2023 Customer Satisfaction Index

With the end of the year fast approaching, insurers are eagerly looking forward to the holiday season after facing various challenges this year in the insurance industry. At the same time, as 2023 begins to wrap up, it’s common to see increasing customer complaints as cost-of-living stress and claims delays set in. Beth Povey, Chief Compliance Officer, sat down to share her expert insights on how to best navigate the end-of-year season by leveraging the latest Customer Satisfaction Index to your advantage.

Read more

Keep your finger on the pulse of the latest industry news and insights.

Sign up to our monthly newsletter today.

Download Our Global Insurance Industry Whitepaper

Hi there!

Want to drop us a line?  You can get in touch by filling out the form below and we’ll get back to you as soon as possible!