Have you ever felt frustrated by your experiences of managing a claim with your insurers? Or does the very idea of making a claim make you feel overwhelmed? If so, you may have considered using a claims management company to handle the process for you.
In this post we’ll outline what a claims management company does and weigh up the pros and cons of using them. This way you can decide if it’s the right choice for you and your fleet.
Do you need any support with any aspect of your commercial motor insurance cover? Whether you need help getting the cover you need, or you have some questions about the claims process, get in touch for some personalised advice. Call us on 0208 290 7779 or email commercial.motor@anthonyjones.com.
What Does A Claims Management Company Do?
A claims management company does exactly what its name suggests – they help you manage an insurance claim, taking care of all of the phone calls, paperwork, and other administrative tasks on your behalf. They act as your representative throughout the process, as a sort of middleman between you and your insurers.
How Much Do Claims Management Companies Charge?
In exchange for being your representative throughout your claim, they’ll either charge a flat fee, or they’ll take a percentage of the final payout. Some claims management companies do both, charging a fee and taking a cut.
Should I Use A Claims Management Company?
There are certainly some benefits to using a claims management company. If you’re pushed for time, or if you’re unfamiliar or uneasy about the whole claims process, then letting someone else manage it for you can take a significant load off your mind.
Plus, claims management specialists are usually experienced insurance experts. A lot of peace of mind can come from allowing professionals to handle your case. You can rest assured that they’ll know what they’re doing, and that they’ll work to get you the settlement to which you’re entitled.
But that said, claims management services rarely come cheap. Many claims management companies will ask for around 20% of your final settlement. And as we said above, some will charge a flat fee in addition to this cut.
This is a significant expense for something that you could do yourself…
Why Do You Want to Use a Claims Management Company?
Is it because you want to save some time? Or because you don’t believe you have the patience, or the energy to manage a claim process yourself? If so, don’t worry. If you’ve never made a claim before, you might be surprised at just how straightforward the process can be.
Yes, you might encounter some bumps along the way, but your insurer should help you work through any complications that might arise throughout the process.
Or do you want to use a claims management company because you’ve previously had a bad experience with the process? Maybe you worked with an insurer who was not as helpful as they could have been. Maybe the whole process took much longer than you thought, and you think that things would have been settled much faster if you had some professional support.
But even in this case, a claims management company could just be an unnecessary expense – paying someone else a considerable amount for something you could always do for yourself.
Our Advice? Don’t Bother
We get it: Fleet managers are busy, and insurance claims can be a headache. You might feel that, through letting insurance professionals manage claims for you, you’re saving time and doing what’s best for your business, your fleet, and your drivers.
But claims management companies are expensive. Using them might save you time, but there are other, more cost-effective ways to manage insurance claims.
If You Use an Insurance Broker, Most Have Their Own Claims Management Teams
This is where working with an insurance broker can help. Many insurance brokers have their own dedicated in-house claims management teams. So as well as helping you find the cover you need, and as well as providing our expert risk management advice, you can also depend on our professional support throughout the claims process. We’ll always be on hand to provide whatever advice or guidance you need, and we’ll work to make sure you get the settlement to which you’re entitled.
Talk to us and we’ll take care of you and your fleet. For some personalised advice, or for a free quote, call us on 020 8290 9099 or email us at commercial.motor@anthonyjones.com.
