Experts are finding the best way to read your marine insurance claim.
article A new study published in the medical journal New Scientist has found that the best predictor of the type of insurance policy you’ll be offered can be found on a piece of paper.
The research team, from the University of California, Irvine, looked at claims made on the internet, asking participants to list their insurance provider’s name, contact information and the date and amount of coverage.
They then looked at how many of these claims were actually settled and the accuracy of the claim, by examining how many claims were filed with the company’s insurer and whether or not they were settled.
The team, led by Dr Chris Hannon, said they were able to predict how many people will have claims settled in less than a year and how much money the insurer would spend on settling the claims, based on the claims settled.
Dr Hannon said: “The key insight here is that when you have a policy with a lot of claims it can be quite difficult to determine exactly what type of coverage it will cover, particularly in the context of the insurance marketplace.”
This research provides insight into how the best coverage policies will work and the process for settling claims in a timely manner.”‘
Not a very good predictor’What the research found was that the more claims were settled and settled within a short time, the less accurate the prediction of what type coverage would be offered.”
When you have hundreds of claims settled within less than 24 hours, we know that the predictive accuracy of claims can fall, because it is quite a bit more difficult to pinpoint the underlying cause of a claim than to predict which type of policy will be the most accurate,” said Dr Hannon.
The researchers said that it was important to understand how the insurers used to settle claims.”
A lot of people don’t realise that the process of settling claims is much more complex than it used to be,” Dr Huckner said.”
Most insurers are now providing more detailed information about the process and how claims are settled and that should be taken into account when choosing an insurer.
“The researchers also found that insurance claims were more likely to be settled within one year if the insurance company used an actuarial model, which was a way to try and estimate how much claims could pay out and how many insurers would cover the claim.
The best insurance policies were those that provided a high level of coverage, Dr Hucker said.
However, he warned against comparing premiums to claims because “there is a lot more that goes into a claim settlement than the actual claims itself”.
Dr Huckener said: “[The insurance industry] is not very good at predicting the coverage of their policies, and I think they are a little bit misleading about that.””
I think they should be saying that the insurance policy they offer is going to cover a certain level of claims.
They should be asking what the claims are going to be and how long they’re going to take to settle.