Study: the correlation between real estate and insurers
For the first time ever, a comprehensive study has explored the correlation between insurers and real estate in claims management. Digitisation is proving to be one of the most important drivers of change, whilst at the same time, having a personal relationship with competent experts remains key.
At a glance: key figures from the study, ‘Debating claims processing in associated buildings insurance: client needs vs reality, from the present to the future’
Successful cooperation between underwriting and real estate faces a number of challenges. There is a need for development, especially with the digitisation of communications and processes. That is the conclusion of the study, ‘Debating claims processing in associated buildings insurance: client needs vs reality, from the present to the future’.
For the first time ever, this study extensively explores claims adjustment in buildings insurance. The study was commissioned by Funk and Crawford & Company. V.E.R.S. Leipzig was responsible for conducting the study.
Continued development on different fronts
The study makes it clear that the real estate and insurance sectors have continued to develop in recent years, but on different fronts. As far as real estate is concerned, there is a need for more efficient and faster claims adjustment than what is generally provided by insurers. Real estate companies see significant potential especially in technical communication and networking between market players.
The market has noticeably changed: ten years ago, price was the central criterion for choosing a certain building insurer over another. While price continues to play an important role, the real estate sector is placing increasing value on harmonising processes. The study reflects this, whereby 87% of policy holders surveyed agreed with the following statement: ‘Between two insurers offering the same premium, we would select the insurer that can ensure our processes with the client.’
Personal contact still important
Although it is becoming clear just how much digitisation is changing the industry, IT is not the only important factor. As all of the real estate companies surveyed unanimously agree, having a personal contact is just as important. Above all, this contact person must have a high degree of industry expertise.
An in-depth interview on the study can be found here.
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