Transparency in the insurance industry
An Insurance Industry Debate
“The insurance industry needs to increase transparency and rebuild trust” is the name of a speech given by Richard Harding at the Insurance Council of New Zealand Conference of Tower Insurance.
According to his conclusion’s, and the best way for a company to rebuild trust is “with a culture of transparency.” Something very important that has been building in the Insurance Industry”.
Transparency it is something that we assume every company has as a cultural mandate.
Two major indicators in building a culture of transparency are:
- Culture – A culture is a series of practices that have meaning for a certain group of people. When we say culture of transparency, we’re not telling you “go show your customers how everything works inside your company”. Instead, when you’re gathering evidence and your client asks for an upgrade, don’t just say you’re working on it. Talk about gathering evidence and how it works. It’s about teaching.
- Respect – Time is the most inconvenient subject in claims management. While the client wants less time spent to reach a conclusion, you need to be thorough and that can stretch the process on a little more than originally thought. The right thing to do in this case? Just talk to people from the start. Tell them what could happen in a “worst-case scenario”. The less anxious they became over time, the faster your claim will be resolved.