Leading the way in Strata Insurance Claims: Understanding what and when Expert Reports may be required
The ICA has released a new fact sheet which outlines best practice standards for Expert Reports in Insurance Claims. The new standards, developed by the Insurance Council of Australia (ICA), will provide greater clarity and consistency for customers when independent expertise is required to assess claims.
The Expert Report Best Practice Standard, was created in response to consumer concerns raised in the Parliamentary Inquiry and ongoing Review of the General Insurance Code of Practice. It ensures that reports by experts, such as hydrologists, engineers, and builders are clear, factual, timely, and considers the customer, especially in time of vulnerabilities of customers.
The New Standard for Expert Reports
The ICA’s Expert Report Best Practice Standard establishes clear guidelines for the creation and use of expert reports. The standard aims to ensure that all expert reports used in the insurance industry adhere to the principles of clear communication, factual and neutral reporting, and timely delivery.
The Expert Report Best Practice Standard set out by the ICA establishes the following requirements:
- Plain and Clear Language: Expert reports must be written in a manner that is easily understood by policyholders, avoiding technical jargon where possible.
- Factual and Neutral Reporting: Reports should be objective and based on facts, without bias or influence from either party.
- Timely Delivery: Expert reports should be produced and delivered promptly to ensure that claims are processed without unnecessary delays.
- Consideration of Relevant Matters: The report should focus on the specific issues relevant to the claim, considering all pertinent factors.
- Objectivity: Experts should maintain independence and objectivity throughout their assessment and reporting.
- Clear Customer Engagement and Opportunities for Feedback: Policyholders should be engaged in the process and given the opportunity to provide feedback on the report.
- Consideration of Customer Vulnerabilities: The process should take into account any vulnerabilities the customer may have, ensuring that they are treated with empathy and respect.
- Relevant Qualification Details: The report should include information about the qualifications and expertise of the person or team responsible for the assessment.
CHU welcomes this initiative from the ICA in creating a more transparent and fair process for policyholders, giving property owners greater confidence in the handling of their claims.
Navigating the complexities of strata insurance claims can often be daunting for property owners and strata managers, especially when expertise is required to assess damage or determine the validity of a claim.
As part of the claims management process, CHU has in-house expertise and can offer strata property owners support in working through building issues such as defects or maintenance support and advice throughout the building remediation process.
Expert Building Consultants
The CHU Consult team is composed of experienced, qualified and licensed builders with deep expertise in building assessments, defect identification, scoping, and project management. Their extensive experience allows them to provide precise technical advice, helping clients understand the intricacies of building structures and pinpointing the root causes of most issues. This expertise ensures that the building reports produced by CHU Consult are thorough, factual, and tailored to the specific needs of each property.
In cases where specialised expertise is necessary, the CHU Consult team is adept at coordinating and engaging external professionals, such as structural engineers or certifiers. This collaborative approach ensures that every aspect of a building's condition is carefully evaluated and that all necessary steps are taken to address any defects or concerns. By assembling the right team for each project, CHU Consult delivers comprehensive building reports that provide clients with impartial, factual, clear, actionable insights, ensuring the best possible outcomes for their properties.
Learn more about CHU Consult below:
Building Inspections
CHU has been working with clients to provide more efficient and cost-effective inspection and reporting to improve visibility and accuracy in the claims process and for asset management and maintenance.
CHU Inspect offers advanced virtual building inspections, assisted by AI-driven visual damage detection and reporting to collect critical data both internally and externally. The service is particularly valuable for clients in the insurance, asset management, facilities management, and strata management sectors. The CHU Inspect team operates a nationwide network of professionals equipped with the latest technology, including custom hardware and software tailored to industry needs. Their internal scanners can quickly generate accurate floor plans and create next-generation 360-degree virtual walkthroughs of entire buildings, which can be easily exported to any device. This technology not only captures a comprehensive view of the building but also creates a living history by documenting completed works and repairs, allowing for detailed tracking and management of the property.
A key feature of CHU Inspect is the ability to host virtual walkthroughs with suppliers and stakeholders, complete with tags and annotations to streamline information sharing across the supply chain. This capability significantly enhances response times during major events like floods or fires, providing completion and progress audits that ensure integrity through the managed repairer model. CHU Inspect drives a new level of safety across operations by minimising the need for physical inspections on ladders and roofs, instead leveraging AI-powered technology to deliver more thorough, accurate and timely results. This innovative approach not only improves safety but also ensures better outcomes in a fraction of the time.
Learn more about CHU Inspect below:
CHU's Commitment to Excellence in Claims Management
At CHU, we recognise the importance of these standards and creating a transparent process for policyholders, strata managers and brokers, our reports and processes are in line with these new guidelines as part of our commitment to claims service excellence.
We have implemented integrations and system enhancements to improve transparency and accountability of the claims process via ClaimsView and integrating ENData giving brokers real-time access to information at every stage of the claims life cycle.
A Consumer-Focused Approach
The introduction of the ICA’s Expert Report Best Practice Standard is a positive development for the insurance industry, particularly for strata property owners.
For CHU, this new standard aligns perfectly with our longstanding commitment to excellence in customer service and claims management. We understand that the insurance claims process can be stressful, and our goal is to make it as smooth and transparent as possible for our customers.
At CHU, we are proud to support and implement these standards through our CHU Claims and Strata Services. We believe that by adhering to these principles, we can continue to provide our customers with the high level of service they deserve.
Access the ICA’s Expert Report Best Practice Standard
Learn more about CHU Strata Specialist Services by contacting the CHU Services team
