The International Federation of Adjusting Associations Annual Conference John Hurrell CEO of AIRMIC Thursday 30 th April 2009.

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Presentation transcript:

The International Federation of Adjusting Associations Annual Conference John Hurrell CEO of AIRMIC Thursday 30 th April 2009

Agenda 1.Claims on the AIRMIC Agenda 2.Claims Best Practice Guide 3.Reservation of Rights 4.Speed of Settlement 5.Contract certainty 6.The future! IFAA

Claims on the AIRMIC Agenda Critical importance for members Impact of the recession Transparency of claims services Willingness to Pay vs. CBPG

IFAA Claims Best Practice Guide (I) Why did we produce it? How did we compile it? Who is using it?

Claims Best Practice Guide (II) Key Components 1.Culture and Philosophy 2.Communications 3.People 4.Infrastructure 5.Claims Procedures 6.Data Management 7.Operations 8.Monitoring and review IFAA

Claims Best Practice Guide (III) Some critical elements Culture and philosophy * Reporting lines * Investment * Transparent client commitments Communications * Formal guidelines * Escalation and complaints * External parties

IFAA Claims Best Practice Guide (IV) Some critical elements (cont) People * Capacity model * Succession planning * Experience * Retention Infrastructure * Efficient and adequate IT systems * Client access to information and data

IFAA Claims Best Practice Guide (V) Some critical elements (cont) Claims procedures * Use of specialists (including loss adjusters) * Commitment to timelines * Embedding of Reservation of Right SOP Data Management * Data sharing

IFAA Claims Best Practice Guide (VI) Some key elements (cont) Operations * Written protocols for third party service provider performance * Rapid payment procedures * International co-ordination Monitoring and Review * Independent internal review of claims dept. performance * Client feedback assessment

IFAA Reservation of Rights Member feedback in 2008 Critical client issues *Accounting *Finance *Speed of Settlement Insurer response ACE, AIG, Allianz, AXA, RSA, XL, Zurich

IFAA Speed of Settlement Background Current discussions *Cash flow planning *Cash neutrality through interim payments Next steps

IFAA Contract Clarity AIRMIC members concerns Potential solutions *Scenario planning *Disclosure agreements *Agreed values vs. indemnity

IFAA The Future! Transparency and technology Resourcing A strong loss adjusting profession!!