11/01/2013
The attached photograph was posted on the Facebook wall of the country’s largest direct insurer recently.
Although the FIA does not have substantive details relating to the claim in question we can only imagine the frustration that prompted the insured to go to the expense to publicly express his or her dissatisfaction in this manner.
From an FIA perspective this incident highlights the continued need for intermediation in the financial services market. Intermediaries (brokers) have a responsibility, as per the Code of Conduct, to help consumers understand the need for and value of intermediated financial services.
Intermediaries also play a vital role in ensuring a fair deal for their clients on each and every insurance transaction, whether advising on a new policy, additions to a policy or at claims stage.
Consumers who enter into a contract for insurance without the assistance of an intermediary (and more importantly an intermediary that is an FIA member) will have to represent their own interests or appoint professionals to do so at their own cost in the event a dispute arises with the insurer at claims stage.
There is a great deal of cost and emotional stress involved in negotiating with insurers, loss adjusters, engineers and contractors during a claims dispute. Consumers who enter into an insurance contractwith a trusted FIA member at their side can lessen both the emotional and economic burden that
might arise at claims stage with a trusted FIA member at their side can lessen both the emotional and economic burden that
might arise at claims stage.
