At RiskBox, we strive to provide balanced perspectives on the insurance claims process.
While it’s essential to be critical when the process fails the insured, and we’ve been critical when that has happened, it’s equally important to celebrate and share examples of outstanding service.
Recently, we’ve had several positive experiences with insurers that deserve recognition.
Here are three stories of excellent claims service that highlight how the right coverage and responsive insurers can make a significant difference.
Client: Digital Marketing Agency
Insurer: Markel
Cover: Withheld Fees
A digital marketing agency found itself in a bind when a client disputed the results of an extensive marketing campaign and withheld nearly £20,000 in fees. The agency initiated debt recovery proceedings but, after a brief discussion with RiskBox, discovered that their policy with Markel included coverage for “Withheld Fees.”
Upon engaging Markel through RiskBox, the insurer demonstrated exceptional service. Markel was not only clear about the coverage but also highly responsive, communicative, and decisive in settling the claim.
They promptly agreed to pay the withheld fees, sparing the agency a costly and potentially painful dispute. This swift resolution allowed the agency to focus on its core business rather than legal battles.
Client: Creative and Digital Agency
Insurer: Hiscox
Cover: Professional Indemnity
A creative and digital agency was preparing marketing materials for a major product launch when a mix-up with the colour palette instructions led to the wrong colours being sent to the printing company. With the deadline looming, the incorrect prints were unusable, creating a significant problem for the agency and their client.
Hiscox intervened within 24 hours, agreeing to cover the increased costs for an urgent reprint, to the tune of £10,000.
This quick action not only mitigated a potential larger claim from the client but also preserved the vital business relationship. Hiscox’s rapid and effective response allowed the launch to proceed as planned, demonstrating the insurer’s commitment to protecting their clients’ interests.
Client: Not-for-Profit Entity
Insurer: CFC
Cover: Cyber & Data
A not-for-profit entity was hit by a ransomware attack, freezing their systems and halting operations. The demand for ransom and the potential for lost data created a critical situation. Losing operational time was not an option, given their important contracts and the income at stake.
CFC was contacted and immediately sprang into action. Their forensic specialists worked alongside the insured’s IT team to assess the damage and successfully restore the systems without paying the ransom. It still cost insurers almost £50,000 just to get to this point.
CFC’s swift intervention not only got the systems back online but also helped manage the aftermath, including potential data exposure and reimbursing the insured for lost revenue and additional expenses through their cyber business interruption cover.
These examples highlight how insurers like Markel, Hiscox, and CFC can provide exceptional claims service.
Working closely with both RiskBox and their insured customer, their prompt, decisive, and effective actions not only resolved potentially disastrous situations but also showcased their dedication to supporting their clients.
At RiskBox, we could deal with scores of other insurers, but we are careful to select ones that we can rely on when needed.
Markel, Hiscox and CFC proved themselves to be the right sort of insurer.
Should you want to find out more about how we carefully match insurers with our clients then feel free to get in touch with us here.
Photo by Ian Stauffer on Unsplash
General - September 30, 2024
