Contents Claim - Interim Payment

Quentin

22johnny22 wrote: »

I feel this is not the correct forum for such a discussion .......

1) But this is the insurance forum - which you used to make your hard to believe statement regarding adjusters who you tell the OP don't "actually try to save money for Insurers"

2) You then post again and tell us it's a "fact" (#5)

3) When this "fact" is challenged and you are asked for a reference, you come back and ask again what is being challenged???

4) Now you bow out without any response???

No wonder we are wary of loss adjusters!

22johnny22

Quentin wrote: »

1) But this is the insurance forum - which you used to make your hard to believe statement regarding adjusters who you tell the OP don't "actually try to save money for Insurers"

2) You then post again and tell us it's a "fact" (#5)

3) When this "fact" is challenged and you are asked for a reference, you come back and ask again what is being challenged???

4) Now you bow out without any response???

No wonder we are wary of loss adjusters!

If I have to:-

Loss adjusters are impartial governed by a Royal Charter and they are not rewarded in reducing a claim, quite the opposite.

If you have heard otherwise please let me know.

I again suggest we are taking over the OP's post and not benefiting anyone.

If you prefer please private message me and I will reply there.

Alternatively submit another thread!

Quentin

Why you so coy?

Another thread? Why?

(You argued about adjusters, presumably for the OP's benefit when adjusters were first introduced to the thread by aggypanthus)

How are they penalised if they reduce a claim? A topic we would all benefit from hearing about!

22johnny22

The lower the adjustment the lower the fee they are paid.

Not coy and not arguing.

Quentin

22johnny22 wrote: »

The lower the adjustment the lower the fee they are paid.

Presumably then the higher the adjustment the higher the fee they get?

From Cunningham Lindsay website:

First "key benefit" of their loss adjusting service for insurers:

We minimise claims spend...

22johnny22

No.

The lower the adjustment the lower the fee (on the basis it involves less work)

FlameCloud

Quentin wrote: »

Presumably then the higher the adjustment the higher the fee they get?

From Cunningham Lindsay website:

First "key benefit" of their loss adjusting service for insurers:

I've yet to work for a loss adjuster where the fee for the claim was higher the lower the claims settlement was. Almost all commercial claims will be on a % basis or more rarely a narrow fee band. Domestic claims are likely to be on a banded basis, with each band around 5k apart.

Taking it to the extreme, most adjusters will be on a bonus related to their fee income. If higher settlements = a higher fee = a higher bonus- why would they deliberately lower a claim? Most adjusters, including myself, simply want the claim out the door settled for a cost they can justify.

There are ways to minimise claims spend without putting the policyholder at a disadvantage- for example electronics can attract large discounts that could reasonably be taken into account in settling a claim in the right circumstances. Builders are also renowned for vastly increasing prices when they know it's an insurance job- again a decent adjuster can manage this where the insured will not suffer.

Adjusters more often than not have to tell people what they don't want to hear- whether it's the policyholder who isn't getting paid, the insurer who hasn't accounted for a £2m loss in their claims ratio this year or a broker who doesn't want the claim paid because it will muck up their profit share.

Spikey1

Adjusters are employed by Insurers to reach fair, equitable and impartial settlements .


Its absolutely true that if a claim is inflated the Adjuster's job is to make sure that the exaggerations are removed. If every claim was settled at the value presented by the claimant do you think we would still have an insurance industry ?


Its also absolutely true that if a claim is understated by the claimant, that the Adjuster will ADD the additional sums.


Claims handled by Adjusters can increased or decreased....whichever is fair and equitable.


In my experience (nearly 30 years in claims) there is far more 'exaggeration' in claims than 'understatement'. Most of the time, this is not by the customer.....rathermore the exaggeration is by usually by a greedy building repair contractor or other provider who is trying to make a fast buck. The customer is blissfully unaware that the repair/replacement estimate is overstated by the contractor who thinks that Insurers are fair game and that its not really fraud.


I find it incredible when a customer or contractor thinks that its themselves who are being ripped off when an Adjuster refuses to accept an exaggerated estimate/cost.


When Cunninghams say that they 'minimise claims costs' they mean that they minimise 'wastage'. Claims that are handled quickly and efficiently cost less to settle than claims which are poorly handled. Eg. if a family are left in alternative accommodation for longer than is necessary it costs the Insurer more money. The customer doesn't see any of that money and, of course, they'd rather be back home as quickly as possible.


Neither Insurers or Adjusters can survive by ripping customers off or by deliberately giving the customers less than they are entitled to.


Cheers

22johnny22

Spikey1 wrote: »

Adjusters are employed by Insurers to reach fair, equitable and impartial settlements .


Its absolutely true that if a claim is inflated the Adjuster's job is to make sure that the exaggerations are removed. If every claim was settled at the value presented by the claimant do you think we would still have an insurance industry ?


Its also absolutely true that if a claim is understated by the claimant, that the Adjuster will ADD the additional sums.


Claims handled by Adjusters can increased or decreased....whichever is fair and equitable.


In my experience (nearly 30 years in claims) there is far more 'exaggeration' in claims than 'understatement'. Most of the time, this is not by the customer.....rathermore the exaggeration is by usually by a greedy building repair contractor or other provider who is trying to make a fast buck. The customer is blissfully unaware that the repair/replacement estimate is overstated by the contractor who thinks that Insurers are fair game and that its not really fraud.


I find it incredible when a customer or contractor thinks that its themselves who are being ripped off when an Adjuster refuses to accept an exaggerated estimate/cost.


When Cunninghams say that they 'minimise claims costs' they mean that they minimise 'wastage'. Claims that are handled quickly and efficiently cost less to settle than claims which are poorly handled. Eg. if a family are left in alternative accommodation for longer than is necessary it costs the Insurer more money. The customer doesn't see any of that money and, of course, they'd rather be back home as quickly as possible.


Neither Insurers or Adjusters can survive by ripping customers off or by deliberately giving the customers less than they are entitled to.


Cheers

Well said!

Quentin

22johnny22 wrote: »

Well said!

Perhaps all the members of the loss adjusters assoc. piling in here to declare "they don't actually try to save money for insurers" could help out in this thread:

https://forums.moneysavingexpert.com/discussion/4850019