Risk advisers should consider outsourcing their claims administration so they can focus on providing emotional support to their clients during the process, says AFRM Claims Advocacy.
New ‘insurtech’ start-up AFRM Claims Advocacy has signed up 40 risk advice practices to its platform in 2018 after it launched at the end of 2017.
The company tracks claims via its digital platform, keeping both clients and advisers informed about the progress of each claim.
AFRM Claims Advocacy chief executive Bruno Muraca said the start-up spent its first six months listening to stakeholders – whether they were advisers, clients, superannuation fund trustees or insurers.
“Much of that traction can be attributed to our style of advocacy, which balances clients’ financial and health outcomes, and the fact that we are getting results,” Mr Muraca said.
“I guess it would also be fair to say that because we are seen as an independent advocate on behalf of the client, in the eyes of the general public our service helps address the significant ‘trust deficit’ facing the insurance sector at the moment,” he said.
The AFRM Claims Advocacy model saves at least 10 hours for a basic claim, Mr Muraca said. “It also frees up advisers to focus more on enriching their client relationships by providing emotional support during a difficult time,” he said.
“The digital platform also helps clients by providing transparency, an understanding of claim progress and peace of mind that ACA is advocating on their behalf.”