FCA’s independent research reveals loss adjusters are raising the most concerns
Loss adjusters face possibly the biggest crackdown of all when the FCA comes knocking after it was singled out by SMEs as the worst offender for claims service.
The FCA ordered an independent research firm to survey 100 SMEs that had made a claim. The survey was part of the FCA’s thematic review into claims handling.
The research firm indentifies six key takeaways. Loss adjusters are singled out by the research as being the biggest culprits when it comes to poor claims service.
The report says: ”Loss adjusters raise the most concerns among SMEs across the claims process.
”While many loss adjusters are thought to be fair and balanced, in a number of claims (mainly the more complex ones), there are examples of perceived incompetence and claims not being given the timely attention and responsiveness that SMEs felt they deserve.
”Some claimants feel that loss adjusters will do ‘anything they can’ to reduce settlements, and the reported behaviour of some loss adjusters (and on occasion loss assessors) could be said to be far short of acceptable.”