Insurance stakeholders can be more transparent and proactive in their client engagement
- The insurance sector is in a ‘hard-cycle’ (because of claims increases, low competition, increased rates, Brexit)
- Insurance premium costs have increased 30% year on year from 2016 in high footfall sectors
- Insurance costs are the second highest costs after wages in high footfall sectors
- Insurers have and should more often define costing models (e.g. insurance facilities) based on proactive risk management
- This means quarterly claims reviews and transparent communication between the client, insurance partners and risk management partners
- Insurers need to be willing to defend their clients if adequate evidence is supplied (e.g. CCTV, training records)
KEY CORRECTIVE: Insurers need to promote sustainable client engagement models through endorsing proactive risk mgt.