Tom Baigrie: Insurers should invest to speed up claim payments
Lifesearch chief executive Tom Baigrie has urged protection providers to invest in digital claims management and data gathering to speed up claim payments.
Speaking at the Lifesearch Protection awards on Wednesday, Baigrie noted that the market will grow more online than offline, as he pledged to invest more in online trading at the protection broker.
Baigrie said: “It is insurer investment in digital claims management and data gathering, both personal and from the medics, that’s needed to really improve claimant experience and turn those we help hugely when they need it most into our advocates.
“As institutions, I know you need to make many hard choices as to budgets, but I’d urge you to spend more on speeding up claim payments and using the outcomes in your marketing.
“So, that’s my pitch to you insurers today: to ask you to see your current much better than expected growth as a golden chance to get more investment into making what we do for claimants good enough for consumers to take for granted that in protection at least, their insurance claims will be fairly and swiftly paid.”
For the year ending in August 2017, LifeSearch reported a 27% increase in turnover to £31.94m and 13% increase in gross profit to £7.71m.