JLT Joins expert panel prior to AIRMIC Conference 2008

Ron Hayes discusses reservation of rights, the ability and willingness to pay claims, innovation and the transparency of broker remuneration.

Ron Hayes, managing director, global risk solutions division at JLT gathered with other UK risk and insurance experts prior to the AIRMIC Conference 2008 this week.

When asked whether we had seen a change in insurers' willingness-to-pay valid claims, Ron commented;
"Can't pay, won't pay" is always a worry. Perhaps 15 to 20 years ago, there was more of a technical approach to claims and you felt the insurer was always looking to pay. You feel this less now, and that the insurer is looking at the minute detail of the contract and disclosure issues, looking to avoid [payment]. I was always taught that gray is good. But I believe that now that black and white is much better. Clients need to have a full understanding of how their policy will respond. They need contract certainty.

Going on to address the issue of how can the insurance market transform the way it approaches claims and customer service? Ron highlighted the launch of JLTs non-damage business interruption policy (see http://www.bieurope.com/cgi-bin/article.pl?articleId=25030) which JLT believe to an innovative first party, multiline non-damage business interruption insurance with scope for added formal risk assessment, business continuity planning and contractual risk management.

Concluding the topic, Ron states;
"To be fair a number of insurance companies are looking at this. There are currently three types of risk: assets, liabilities and people. The next stage of evolution is how to protect the wider risks than that."

For the Full transcript of the session run by Business Insurance Europe and the Association of Insurance and Risk Managers please click here