Insurance claims expert on toughest challenge
Insurance claims expert on toughest challenge | Insurance Business New Zealand
Claims
Insurance claims expert on toughest challenge
Promoted executive talks about what’s ahead following massive weather events
Claims
By
Terry Gangcuangco
Following this year’s massive weather events in New Zealand, what’s in store for the Kiwi insurance industry, particularly in the claims space? Prerna Singh (pictured), who recently took on the position of head of claims at PIC Insurance Brokers, shares her insights here.
Given the claims influx brought about by the Auckland Anniversary floods and Cyclone Gabrielle – nearly 113,000 general insurance claims worth over $3.5 billion, according to data published by the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa in September – Singh described 2023 as having been a tough period for the insurance sector.
In an interview with Insurance Business, the claims head said: “During this time, there have been many discussions across the different platforms regarding claims processing and customer outcomes. When our clients have suffered a loss, they entrust us to look after their interests, and it becomes our duty to ensure that they are advocated for, and we accept accountability for the role we play in resolving their claim.”
Doing better in claims
For Singh, who came on board PIC in July initially as a senior claims specialist, the goal moving forward is to identify ways of “doing better and being better” when it comes to insurance claims.
“There have been lots of learnings from these events, not just in claims but in the overall industry, and I am hoping that more conversations take place with different stakeholders to better the experience of our end clients,” she said.
“Claims is where your policy is put to the test. If we are not able to learn and improve on experiences from a claim, then what are we even doing? Let’s review, discuss, and change with the times. Policies and procedures do not have to have an age – we should be agile and be ready to evolve as an industry following major events.”
Biggest challenge as claims head
In Singh’s view, the toughest part of her new remit will be “bringing back client confidence” after an undesired claim outcome.
She told Insurance Business: “We know what we are doing right and will continue that trajectory, but what concerns me is when we are not able to identify where we could have done better and do not take any action. We can only do better if we know that we are not already at our best.”
Now leading PIC’s dedicated claims unit, Singh believes it’s important to understand how the team operates both at an individual level and collectively. On the other side of it, she said, is having a greater understanding of the broker’s loyal clients and their needs.
At the same time, Singh finds it just as crucial to manage client expectations by creating a better sense of awareness of what insurers are having to deal with at their end.
“While we want the quickest and best resolution for our clients, we need to appreciate that there are many facets that make up a claim,” she said. “If we, as the claims representative of our client, can understand the reasoning behind insurer processes and timeframes, we can better educate the end client and set better expectations for claim outcomes.”
“Very rewarding” claims function
Prior to joining PIC this year, Singh worked in various roles at Tower Insurance and Ando Insurance Group.
The head of claims told Insurance Business: “I was introduced to insurance in 2011 and started out in the customer services team. My goal was to get into the commercial insurance space, and I agreed to do a hybrid role and give claims a go.
“It’s fair to say that I enjoyed claims more and decided that this will be the path I want my insurance career to progress on. I don’t believe I would get the same level of satisfaction doing anything other than claims. It is very rewarding when I am able to make even the slightest positive difference in someone’s life at their time of need.”
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