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Four Factors Influencing Insurance Claims
The Business
Insurers are businesses. They are regulated, but they have a primary goal of making money. Paying car insurance claims can also affect the decisions car insurers make. The number one concern for people in the market for insurance is price. One of the major expenses for insurers is claims payments. So, in an effort to meet the consumers' demand, the insurer is trying to pay not a dollar more than is owed when accidents happen.
If the insurer has to pay out less money, then they can offer lower prices to you and me. That is a huge competitive advantage for insurers. Some do it better than others, but they are all trending in the same direction. Remember, money is the prime directive for business. The courts and the regulators are tasked with keeping the insurers fair.
The Adjuster
Insurance adjusters are driven by the day-to-day grind. They want to leave the office on time each day. They want to achieve their month-end goals because they have serious pressure from managers, directors, and supervisors to do so. They are ranked and rated by their companies. Some want to perform well to advance their careers. Most probably want to just maintain the positions they have.
The Policyholder
Policyholders want their policies protected. They frequently disagree with the payment of a claim made against their policies or at the least the amount of payment to a claimant. Insurance adjusters are straddling the fence of both the interest of their insured and the fair and equitable treatment of claimants with claims against their policyholders.
The Policy
If the policy does not cover an accident, the insurer will not cover it. Insurers don't do this out of spite. It's just that the contract or agreement (the policy provisions) doesn't cover something. Insurers are businesses, as stated above, so they won't go out of their way to pay money they don't feel they owe.
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