APCAS Confirms Worrying Current Situation of Insurance Providers
Madrid, June 26, 2023 – The regional organization of APCAS in Madrid recently organized a round table discussion with representatives from various sectors of the insurance industry. The event, moderated by Juan Manuel Blanco, editorial director of INESE, aimed to address the challenges faced by insurance providers and find solutions to improve the current situation.
The round table brought together insurers, workshops, home repairmen, insurance mediators, specialist lawyers, and insurance adjusters. In the conclusions of the discussion, Francisco de la Puente, National President of APCAS, expressed the organization’s intention to continue promoting similar events in all territorial organizations to enrich the insurance sector.
The current situation of insurance providers was a major concern highlighted during the round table. It was unanimously agreed that the current trend is making it increasingly difficult for providers to offer quality insurance services. This not only affects the providers themselves but also has a negative impact on the insured individuals.
APCAS is now calling for a necessary modification of the current situation for Insurance Expertise professionals. The demands from insurance companies have been increasing, leading to a reduction in response times without any improvements in communication processes. Additionally, there has been a transfer of administrative burdens to expert offices and professionals, resulting in increased costs that are not adequately compensated in the fees. This, in turn, has led to a decrease in profit margins and the freezing of fees for years in most cases.
As a result, many professionals in the insurance industry are being forced to seek alternative career paths or even close their businesses. This has a ripple effect on the entire insurance value chain.
During the round table, providers put forward several proposals to insurance companies to improve the current situation. They emphasized the need for digitization and updated processes to lighten administrative burdens, particularly in communication with suppliers. Furthermore, they stressed the importance of fairly valuing the services provided, which would require an update of the fees.
Francisco Cañas, president of APCAS Madrid, emphasized the need to give more importance to insurance providers. He specifically highlighted the role of Insurance Experts and called for adjustments in the requirements and the value contributed to the remuneration received.
The round table discussion organized by APCAS shed light on the worrying situation faced by insurance providers. It is now up to the industry stakeholders to take action and work towards a sustainable and mutually beneficial future for all parties involved.
What strategies can insurance providers implement to prevent and detect fraudulent claims, considering the negative impact of insurance fraud on both financial losses for providers and increased premiums for policyholders
Is causing difficulties for insurance providers. Factors such as rising litigation costs, fraudulent claims, and increased competition were cited as key challenges.
One major issue discussed was the high cost of litigation. Insurance providers are facing mounting legal expenses, which are impacting their profitability. The participants called for measures to streamline the legal process and reduce costs, to ensure a fair and efficient resolution of claims.
Another significant concern raised during the discussion was the alarming increase in fraudulent claims. Insurance fraud not only leads to financial losses for insurance providers but also drives up premiums for honest policyholders. The participants stressed the need for strict measures to prevent and detect fraudulent activities, such as enhanced data analysis and collaboration between insurers and law enforcement agencies.
The round table also focused on the intense competition in the insurance market. With the emergence of new digital players and the entry of non-traditional insurers, the participants discussed the need for insurance providers to adapt to changing customer expectations and technological advancements. They emphasized the importance of innovation, including the use of artificial intelligence and digital platforms, to enhance efficiency and customer experience.
In conclusion, the APCAS round table confirmed the worrying current situation of insurance providers. The discussions revolved around the challenges posed by rising litigation costs, fraudulent claims, and increased competition. The participants agreed on the importance of finding solutions to address these concerns, to ensure the sustainability and growth of the insurance industry. The organization expressed its commitment to organizing similar events in the future, to foster collaboration and knowledge-sharing within the sector.
This article sheds light on the crucial issue of sustainability for insurance providers, highlighting the urgent need for solutions. Engaging in a round table discussion allows for diverse perspectives, fostering the potential for innovative and much-needed economic sustainability in the insurance industry.