Aviva Canada publishes claims data to “correct the misconception” of greedy insurers
Published: October 16, 2018
CATEGORY: Car Insurance
Aviva Canada says it wants to “correct the misconception” that private insurance companies are greedy. The company has raised auto insurance premiums this year amid rising claims and repair costs. While many still believe insurers make more than they need, Aviva is publishing claims data to counter the misconception.
Canada’s second largest property and casualty insurer says carriers are not always trying to avoid paying claims. Indeed, Aviva Canada’s data shows it paid out 98% of claims in 2017. In total, the company spent $4 billion covering customer claims.
“People have the mistaken impression that we fight paying most claims, when the data shows the opposite is true,” said Bryant Vernon, chief claims officer at Aviva Canada. “The vast majority of claims we receive from our customers – 98% in fact – are paid by Aviva Canada. We need to correct this misconception once and for all.”
Aviva hopes it can show customers that the claims process does work and there can be trust. Transparency in claims processing is certainly a way to gain consumer confidence. In fact, the company may start a trend as it is currently the only carrier that releases claims data in terms of payout and percentage.
“We’re not just reporting on our claims statistics, we’re also actively working to improve our consumer claims process to ensure that 100% of legitimate claims are paid efficiently and promptly,” Vernon added.
“There’s a remaining 2% of customers who had their claims rejected in 2017 – some due to lack of coverage, misunderstanding their policy or cases where documents could not be provided to process the claim. We want to encourage customers to understand their coverage and what is needed to submit a claim.”