6 tips to building a reliable Insurer relationship

Check how you can establish trust with your Insurer.

Last Updated on September 8, 2022 by user

Relationships are the key to good business performance. Not only is it necessary to create strong bonds with your customers, but also with your business partners such as insurers. If you can rely on your insurer, you can be sure that any problems you might have can always be solved swiftly.

Creating a reliable relationship is especially important for businesses operating in Dubai. The country has around 60 different insurance providers, offering insurance in a variety of fields. The unique point about insurance in Dubai is the mandatory nature of certain insurance – businesses must have adequate cover in order to conduct business. In addition, insurers must maintain an online system for handling and showcasing response times, which makes creating a relationship a necessary process.

The cost of inadequate insurance is huge. Here are tips to ensure you avoid this cost and to guarantee your business finds the right insurance companies and builds a reliable insurer relationship.

1. Request for an Account Manager

You will need an Account Manager who will be accountable for your particular requirements and stay in regular contact with you. This ensures information is always centralised, communication is swift, and the likelihood of problems is thus reduced.

2. Monitor response times from Insurance Provider

It’s important to pay attention to the quality of communication, especially in terms of response times. Longer response times usually result in two things:

  • Information is not up to date, and poor internal co-ordination.
  • Delays in the claim process and documentation checks.

You have to focus on ensuring the insurer responds to your queries swiftly, but also make sure you update the insurance providers with accurate information related to insurance issues.

3. Disclose risks upfront and on an on-going basis

A good insurer knows the specific risks a business has. But it’s important to avoid assuming they are aware of your business landscape. You want to discuss the specific risks your business has prior to signing up with the insurer and continue to analyse the changing risk landscape.

Having a better understanding of the risks will guarantee the insurance meets your business needs. It can also improve transparency and thus lead to better relations.

4. Clarify your insurance policy expectations and needs

You’ll want to discuss your business needs and your expectations for the policy openly and upfront. Every business has different insurance needs. Some might require hands-on support, while others might value the ability to scale the policy quicker or a wider insurance network.

By opening up about your expectations, you allow the insurer to provide you with a better service. This clears issues that might arise from the future, such as insufficient cover and support, and improper use of the policy.

5. Secure proper insurance documentation

You can improve the relationship a great deal by ensuring your data is properly organised. The better your insurance documentation, the better your communication will be. You want the insurer to have access to all key documents and vice versa – when documents are up to date and organised, the flow of information is seamless. The documents include, among other things:

  • Policy papers
  • Premium receipts
  • Endorsements

Digital cloud-based HR software solutions are often the easiest way to ensure this. It’s also important to understand that proper documentation will make claims easier, protect your business and it improves transparency – it’s an essential part of maintaining a reliable relationship.

6. Recap use of policy to clarify the claims process

Whenever you take advantage of the policy or maintain communication with the insurer, have a recap of the event with the Account Manager. It’s important to learn the lessons of policy use and communication. You need to:

  • Identify your prior objective and the actual outcome.
  • Check if mistakes happened and understand the reason behind them.
  • Write down objectives to improve communication or policy use.

Why is creating a reliable insurer relationship is important?

A reliable relationship with your insurance providers is the key to business success.

Insurance companies in Dubai will respond to your queries and claims almost 40% quicker if the relationship is good. If communication is not established, you might have to wait longer to sort out your issues and face higher premiums on renewal.

With the above tips, it will be easier to maintain and build a strong relationship. This relationship will be built on trust, transparency and wealth of information. That will help the insurance provider to provide you with a better service and your business to focus on serving your clients.