Brian Alexander, Group Practice Leader Financial Institutions, talks with Robert Lloyd, Director at ASL about trends in Crime & Cyber claims, the effects of Covid-19 on claims and the neutral and objective position of the loss adjuster.
Alexander: Can you tell us a little bit about how you got into adjusting?
Lloyd: I qualified as a chartered accountant in 2009 specialising in audit. Whilst this was great experience, I wanted more variation in my day to day work and the opportunity to travel internationally.
If I’m being completely honest, I came across ASL by chance. The role sounded extremely interesting – so I went for it. I met the Senior Directors at the time and they talked about trips to Latin America, cash being stolen from armoured cars and bank robberies. It was fascinating and I’m still captivated 11 years later!
Alexander: How does the adjusting process work?
Lloyd: We’re appointed by Insurers to investigate the facts of a claim and the amount of the loss. To do this, we provide the Insured with one or more written lists of information and documentation required.
If it’s a small loss, we may just correspond with the Insured through the Brokers. Alternatively, if it’s a large and/or complex loss, we will typically travel to the Insured, wherever they are in the world, and go through our questions with them face to face. Video meetings are increasingly playing a part too.
Once we have all the information, we prepare a report to the Insurers setting out our findings. Based on our report, the Insurers decide whether or not the claim is payable and, if so, how much.
It’s important to note that, whilst we are appointed by the Insurers, we provide a neutral and objective assessment of the claim.
Alexander: What are the benefits of the adjusting process to an insured (client)?
Lloyd: The loss adjuster facilitates the entire claims process. At the outset, we can help guide the Insured as to what they should and shouldn’t do – we can help them try to mitigate their loss and prevent a recurrence.
Then, by asking targeted questions, and requesting only relevant documentation, the adjuster is able to efficiently extract the information required by the Insurers to determine policy response. The adjuster also ensures that the Insured’s representations are properly and clearly communicated to the Insurers.
Additionally, the loss adjuster is someone that the Insured can speak with, along with their Broker, to discuss the status of the claim or simply to explain how the process works – we deal with crime and cyber claims every day and are therefore very comfortable with the process and the issues that arise. The adjuster should be a friendly face who is there to ensure that the process runs smoothly and that the correct outcome is achieved for all parties.
In those instances where coverage issues arise, and in order to manage expectations, the adjuster is also able to work with the Broker to explain these to the Insured.
Alexander: What are the current trends you see in Crime and Cyber claims?
Alexander: Has Covid-19 seen an increase in claims from what you see?
ASL are market leading loss adjusters and forensic accountants. We specialise in dealing with crime claims made by Banks and commercial entities. We also handle cyber claims.
ASL’s professional staff includes chartered accountants and lawyers. This gives us the necessary expertise when it comes to quantifying complex losses and providing coverage analysis for the crime and cyber Insurers.
We have offices in London and Dubai and, since 1988, have handled assignments in over 100 countries.
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Group Practice Leader Financial Institutions
T +43 664 962 39 17