Modernizing Complaints Management Whitepaper
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  • The Insurance Compliance Manager’s Guide to Modernizing Complaints’ Management

    modernizing complaints management wpAn integral part of an overall compliance program management system, a sound complaint management system helps insurers comply with regulatory requirements, gain insight into operational processes involved in complaint handling, and assess the levels of consumer satisfaction.

    From a regulatory perspective, consumer complaints are monitored by state insurance departments as a means to confirm customer satisfaction with an insurer, as well as to identify companies that are developing business trends that pose harm to consumers and/or violate state laws. In fact, complaint data is one of the leading market conduct action triggers against a company. Regulators use various approaches to develop the measurements that they take into account when evaluating this data. Some approaches correlate the gross complaint numbers based on some relevant parameter, such as: premium volume, number of policies issued, or number of “justified” complaints.

    Complaint data can have a positive or negative impact on new business revenue and customer retention, due in part to growing public transparency of complaint ratios and trends on state insurance department websites. Additionally, the NAIC’s Consumer Information Source (CIS) allows potential customers to research an insurer’s complaint data by coverage type, issue, and disposition, providing an additional incentive to prioritize the effectiveness of complaint management. Complaint data can have a positive or negative impact on new business revenue and customer retention, due in part to growing public transparency of complaint ratios and trends on state insurance department websites. Additionally, the NAIC’s Consumer Information Source (CIS) allows potential customers to research an insurer’s complaint data by coverage type, issue, and disposition, providing an additional incentive to prioritize the effectiveness of complaint management.

     

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