Latest news with #policyholders
CTV News
03-06-2025
- Business
- CTV News
Ontario widow denied life insurance payout
Ontario widow denied life insurance payout If you have a life insurance policy you should check to make sure it's in good standing and you're up to date on your payments. If you're denied a life insurance claim you can also appeal the decision.
National Post
28-05-2025
- Business
- National Post
New Insurity Survey Identifies Top Digital Features Policyholders Want and Key Areas for Improving Policyholder Engagement
Article content New data shows a gap between the digital services consumers value most and the features insurers are delivering, risking trust and long-term retention Article content Article content HARTFORD, Conn. — Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, released new insights from its 2025 Digital Experience Index, which evaluates consumer satisfaction with digital interactions across the P&C insurance experience. The survey found that policyholders place increased value on three core digital services: streamlined billing and payments, immediate access to policy documents, and the ability to file and track claims online. For insurers aiming to boost retention and satisfaction, optimizing these essential touchpoints for simplicity, speed, and reliability should be a strategic priority. Article content While policyholders value digital convenience, the survey also identified several areas where insurers are falling short. Features such as 24/7 customer support and real-time claim status updates were among the lowest rated in terms of usefulness, suggesting that these critical service capabilities are not meeting expectations. When asked what would improve their experience, consumers cited more self-service tools, streamlined claims-filing processes, and better mobile app design, indicating an apparent demand for more intuitive, responsive digital touchpoints. Article content For insurers, these findings reinforce the need to align digital strategy with evolving customer expectations. Enhancing usability is no longer optional, particularly in high-impact areas like claims. In fact, the Digital Experience Index found that one in five consumers have avoided filing a claim due to frustrating processes, highlighting how poor digital experiences can directly undermine customer trust and long-term retention. Insurers must invest in solutions that remove complexity and deliver consistent, seamless interactions across the policyholder journey to stay competitive. Article content 'Digital ease and speed are now essential for the insurance experience,' said Sylvester Mathis, Chief Insurance and Chief Revenue Officer at Insurity. 'The data underscores a crucial insight: policyholders increasingly demand seamless and empowering digital interactions that remove barriers and provide immediate solutions. Insurers that fail to prioritize user-centric platforms, especially during pivotal moments like filing a claim, risk losing individual transactions and eroding long-term trust and customer loyalty.' Article content This survey was conducted online in April 2025, and more than 1,000 adult participants were randomly selected across the United States to ensure a representative sample. Respondents were asked a series of 19 questions, ranging from multiple-choice to scale-based, to gauge their opinions on their digital experience. Data analysis was performed to identify key patterns and insights. Article content Article content Article content Article content Article content Article content
Irish Times
27-05-2025
- Business
- Irish Times
The debate: Is going to court worth it for personal injuries claimants?
Moyagh Murdock: No. Compensation awarded by the IRB is similar to that awarded by the courts The answer is no. Not for claimants, not for policyholders, not for the economy or society. The personal injuries system is at a crossroads. On one side lies a time-consuming litigation process. On the other, a faster, fairer and more cost-effective alternative: the Injuries Resolution Board (IRB). Let's be clear: the IRB works. It delivers broadly similar compensation outcomes as litigation, but at a fraction of the cost and in a fraction of the time. The IRB was designed to streamline claims, reduce legal overheads and deliver justice swiftly. It is an efficient and effective service for claimants. It empowers individuals to resolve their cases quickly. Using the IRB delivers results in a fraction of the time. Claimants can get their lives back on track much quicker and with much more certainty by going through the IRB route. Claims take on average two years to settle through the IRB, compared with an average of six years through costly and unnecessary litigation. The Central Bank of Ireland's national claims information database (NCID), established in 2019, provides policymakers with a definitive independent data source on the personal injury claims environment. In its most recent report on liability claims , published in March of this year for 2023 claims data, the NCID illustrated the significant impact of litigation, with more than 70 per cent of claims settled by litigation, representing 89 per cent of injury settlement costs. These legal costs are ultimately borne by policyholders, businesses and consumers. They affect insurance premiums and put significant strain on small businesses and unnecessary pressure on the court services with cases that could – and should – be resolved more efficiently. READ MORE Critics may argue that litigation offers more 'control' or 'fairness'. But the data tells a different story. The compensation awarded by the IRB is broadly similar to that awarded by the courts. Successive NCID reports have highlighted the effectiveness and efficiency of the IRB's claim settlement process. Compensation levels – whether in a litigated process or settled by the IRB – are based on the same personal injuries guidelines. The guidelines were introduced by the Judicial Council in 2021. The NCID has reported previously that legal costs are well over 20 times higher in the litigation channel than in the IRB. It is concerning, therefore, that the Judicial Council has proposed a 16.7 per cent increase in the personal injuries guidelines. This could erode the progress made by the Government's insurance reform agenda. If implemented, the recommended increase would directly impact claims costs, which are ultimately borne by consumers. As a result of the IRB and the introduction of the personal injuries guidelines, it is easier than ever for parties to resolve a case at an early stage without litigation and unnecessary legal costs. This means less delay, less waste of resources, fewer medical and other expert reports, leading to a more efficient claims process and speedier payment of compensation to accident victims. The current claims environment and the Government's action plan for insurance reform have created ample opportunity for claimants, insurers and their advisers to settle cases quickly and cost effectively without going to court. For personal liability claims, it is the best route to take to have claims resolved quickly and efficiently. The IRB has been immensely positive in its 20-year history, and it continues to evolve. With a broader mediation mandate, it is more capable than ever of delivering timely, fair and proportionate outcomes. The courts should be reserved for complex or contested cases – not routine claims that can be resolved quickly and fairly using the IRB. Moyagh Murdock is chief executive of Insurance Ireland Seán Guerin: Yes. Court proceedings produce the best results for victims Insurance is a numbers game and the insurance industry is very good with numbers. It can be hard for the ordinary reader to keep up. Fortunately, the Central Bank is here to help. To understand what has been happening in the Irish insurance market, only one number matters: what the Central Bank calls 'gross insurance-related result'. This number shows how much money insurance companies make on the policies they issue, after the cost of claims (including compensation and legal costs), as a percentage of premium income. That number tells a very simple story. In recent years, the insurance industry in Ireland has been making out like bandits. For motor insurance, between 2009 and 2012, the gross insurance-related result was -1 per cent. Between 2017 and 2023, it was 15 per cent. For other insurance types (employers' liability, public liability and commercial property), between 2009 and 2014 it was 0.8 per cent. In 2022, it was 31 per cent and in 2023 it was 34 per cent. These mind-boggling increases in the profitability of insurance underwriting in Ireland have been achieved by hoodwinking the public, the media and successive governments into believing that compensation awards or legal costs, or both, were too high. Compensation is simply a means of providing redress to a victim of a civil, as opposed to a criminal, wrong. Because the process of obtaining redress is legally and factually complex, victims are entitled to the advice and representation of expert lawyers. Forcing down compensation awards, while at the same time reducing the ability of victims to recover the real cost of essential legal advice and representation, is a double blow to victims. But for the insurance industry, the beating of victims will continue while profits improve. An editorial published in this newspaper last week made three fundamental errors in reaching the conclusion that 'the benefits of ... taking your case to court are at best marginal'. The first error is to ignore the Central Bank findings of boomtime insurance underwriting profit, while high premiums for consumers and businesses remain. The public policy goal of reducing insurance costs to consumers and businesses has not been achieved. The second error is to ignore the effect on victims, who are now expected to navigate the legal and procedural difficulties of their situation without legal advice and representation, unless they pay for it out of their own pockets or their award of compensation. This is unfair. The third error is to assume that a single bureaucratic assessment of redress is an adequate substitute for the judicial process. The IRB applies the same guidelines as in court. True, but the application of the guidelines to individual cases still requires sensitivity and understanding. It is too early to tell whether the IRB does this job as well as the courts. What is clear is that the legitimacy of any system of redress depends heavily on the opportunity for a victim to have their voice properly heard. Last year saw the 100th anniversary of the Courts of Justice Act 1924 celebrated. A century after their establishment, the Irish people trust their courts, and independent judges, to see justice done. They also trust their lawyers, both solicitors and barristers, to advise them and speak up for them. And the Central Bank has shown them to be right. The March 2025 Central Bank report shows that issuing proceedings in court and settling with the benefit of expert legal advice produces the best results for victims. Compared with awards by the IRB, litigating and settling produces a 60 per cent increase in compensation for pain and suffering and a 500 per cent increase in compensation for financial loss. If you've been injured unlawfully, call your local solicitor and let them find you an expert barrister if necessary. Don't let the insurance industry – or your newspaper – tell you otherwise. Seán Guerin SC is chair the Council of the Bar of Ireland
Yahoo
22-05-2025
- Business
- Yahoo
Josh Hawley blasts Allstate CEO for making $26M last year — while company can't ‘afford' to pay out claims
Most homeowners believe their insurance policies will protect them when disaster strikes. But that illusion shattered for Natalia Migal. Testifying before the U.S. Senate, she recalled how Hurricane Helene ravaged her Georgia home, only for her insurer Allstate to offer a mere $46,000 for repairs, despite independent assessments putting the damage closer to $500,000. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Digging into Allstate's recent financial statements, Senator Josh Hawley questioned the company's decision to reward the C-suite after boosting revenue and profits while policyholders like Migal struggled to get compensated for their losses. 'CEO Tom Wilson was paid $26 million,' he said during the hearing. ' can't get her claim paid out but Tom, whoever he is, gets $26 million. Why is his salary a priority but isn't?' Unfortunately, Migal's case isn't an outlier. As evidence from policymakers and industry insiders piles up, lawmakers are ramping up their scrutiny of the $1 trillion property insurance industry. It wasn't just policyholders who testified before Congress on May 13 but also claims adjusters, industry professionals who assess damages and estimate losses. Two of these adjusters testified that they faced pressure to lower their initial estimates, which alarmed the committee. 'We've just heard testimony here, sworn testimony from multiple adjusters, that your company ordered them to delete or alter damage estimates to reduce payouts and to make you profits,' Hawley told Michael Fiato, Allstate executive vice-president and chief claims officer, during the hearing. 'It sounds to me like you're running a system of institutionalized fraud.' Fiato pushed back on this accusation by highlighting the fact that insurance companies like Allstate were handling more claims because of changing weather patterns and higher frequency of natural disasters in recent years. However, Hawley pointed out that this added risk wasn't being reflected in the company's financials. 'I have to notice that your profits have never been better, they're really quite extraordinary,' he said. 'Fiscal year '24, Allstate had $64 billion in revenue; that's 12% above the previous year.' This growth spurt isn't limited to Allstate. Property and casualty insurers pulled in a record $169 billion in profit in 2024, according to AM Best — a staggering 90% jump from the year before and more than quadruple their 2022 earnings. This windfall came even as insurers hiked premiums and lobbied for laws to limit payouts, all while insisting the industry was under financial strain, according to a report by the American Association for Justice. With this pattern in mind, homeowners and policyholders should prepare for dealing with claim denials in the event of a natural disaster. Read more: You're probably already overpaying for this 1 'must-have' expense — and thanks to Trump's tariffs, your monthly bill could soar even higher. Here's how 2 minutes can protect your wallet right now Picking up the pieces after a natural disaster is hard enough, but facing a denied insurance claim can turn a difficult situation into a financial nightmare. To improve your chances, take the time to review your policy thoroughly and reach out to your insurer to get all the details. If you face damages, make sure you document it all and collect photographs that can be submitted to the insurance company. If your claim is denied, National Debt Relief recommends asking for a written explanation for the denial. You can also hire a public adjuster for a second opinion and fair assessment of your property's damages and hire a legal professional to help you appeal the denial in court if necessary. Until insurers are held to higher standards with tighter regulations, homeowners and ordinary families must prepare for unpleasant holes in their safety net. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
