Gallagher Bassett has outlined how insurers can speed policy reinstatement to combat inflation.  

Insurers need to be able to respond quickly and efficiently to claims and reinstatement requests, GB Head of Sales and Client Services General Insurance John White says. 

By leveraging technology, insurers can automate claims processing and underwriting, and streamline reinstatement processes.  

“This solution will help to reduce administrative costs and improve customer satisfaction levels,” Mr White said.  

“Customers who receive prompt and efficient service are more likely to renew these policies and recommend their insurer to others.” 

Mr White says implementing advanced software systems will also help to reduce errors and improve the accuracy of the reinstatement process. 

Providing online self-service tools allows policyholders to request reinstatement of their policies online, without the need to contact an agent or customer service representative, while streamlining underwriting processes allows insurers to more quickly and accurately assess the risk associated with reinstating a policy.  

Effective communication is also essential for enhancing the speed of reinstatement.  

Gallagher Bassett says it can help insurers by reducing administrative costs, improving claims management, and giving access to provider networks, compliance support and customised solutions. 

“Outsourcing to a claims expert can have many benefits,” Mr White says. “Partnering with GB will provide insurers access to specialised expertise and technologies that help improve efficiencies, reduce costs, and improve profitability, making the choice to outsource a key effective strategy to achieve cost containment objectives.”  

He also recommends managing pricing strategies with the correct tools such as data analytics and predictive modelling to help identify trends and patterns in customer behaviour and pricing, and using pricing optimisation tools to identify the most profitable pricing strategies for different segments of their customer base. 

"Implementing these key strategies into your business can provide many benefits, from improving financial performance, protecting policyholders and succeeding in a highly competitive marketplace,” Mr White said.