Following this year’s massive weather events in New Zealand, what’s in store for the Kiwi insurance industry, particularly in the claims arena? Prerna Singh, recently appointed Head of Claims at PIC Insurance Brokers, shares her insights.
With the influx of claims from the Auckland Anniversary floods and Cyclone Gabrielle – nearly 113,000 general insurance claims worth more than $3.5 billion, according to data released in September by the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa – Singh described 2023 as a challenging period for the insurance sector.
In an interview with Insurance Business, the claims chief said: “During this time, there have been a lot of discussions on the various platforms about claims handling and customer outcomes. When our customers have suffered a loss, they entrust us with looking after their interests and it becomes our duty to ensure that they are represented and we take responsibility for the role we play in resolving their claim.”
Getting better at claims
For Singh, who joined PIC in July initially as a senior claims specialist, the aim going forward is to find ways to “do better and be better” when it comes to insurance claims.
“There have been a lot of learnings from these events, not just in claims but in the industry as a whole, and I hope there will be more conversations with different stakeholders to improve the experience of our end customers,” she said.
“Claims is where your policy is put to the test. If we are not able to learn and improve from the experience of a claim, then what are we doing? Let’s review, discuss and change with the times. Policies and procedures don’t need to have an age – we should be agile and ready to evolve as an industry after major events.”
Biggest challenge as claims manager
According to Singh, the most challenging part of her new role will be “rebuilding customer confidence” after an undesirable claim outcome.
She told Insurance Business: “We know what we are doing right and will continue on that path, but what worries me is when we are unable to identify where we could have done better and fail to take action. We can only do better if we know we are not already doing our best.
As head of PIC’s dedicated claims unit, Singh believes it’s important to understand how the team works, both individually and collectively. The other side of the coin, she says, is having a better understanding of the broker’s loyal customers and their needs.
At the same time, Singh believes it is equally important to manage client expectations by creating a better sense of what insurers are dealing with on their end.
“While we want the fastest and best resolution for our customers, we need to understand that there are many facets to a claim,” she says. “If we, as our client’s claims representative, can understand the reasoning behind the insurer’s processes and timeframes, we can better educate the end client and set better expectations for claim outcomes.”
“Very rewarding” claims role
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 in the customer service team. My goal was to move into commercial insurance, so I agreed to take on a hybrid role and try my hand at claims.
“It’s fair to say that I enjoyed claims more and decided that this was the path I wanted to take with my insurance career. I don’t think I would get the same level of satisfaction doing anything other than claims. It’s very rewarding to be able to make even the smallest positive difference to someone’s life in their time of need”.
