Those of us in the insurance business are also consumers of the products we distribute. On occasion, we experience a loss of some kind and have to file a claim. Of course, this is why we bought insurance in the first place—to transfer the risk of financial losses that we otherwise do not want to absorb.
Agents and brokers make choices that determine what type of claim service their clients will receive during a disaster, and this choice becomes an important part of an agency's strategic plan. As independent agents make decisions about which carriers to represent, it is important to contemplate the claim servicing capabilities of their insurers.
In the aftermath of widespread catastrophes, the claims infrastructure at some insurance companies can buckle. Putting aggrieved people on a long queue to make a claim, speak to an adjuster or receive payment is no way to treat these customers, but the carriers' resources are strained to the limit.
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