Speakers at the seminar encouraged those involved in the insurance claims process to use recently-developed EDI messages to seek similar improvements in customer house depreciation report services and savings in costs in the claims area. Speakers also looked at how EDI messaging could successfully be implemented using the internet. Those attending included insurers, solicitors, vehicle repairers and representatives from software houses.
As the experience with motor underwriting shows, the advantages of developing an electronic trading environment are impressive, even though it can take time and money. Setting standards is a fundamental part of the process, and we hope this, together with the use of e-commerce more generally in claims handling will strengthen existing partnerships in the motor industry. The latest Media Contact Directory from the Association of British Insurers (ABI) has just been published. With more entries than ever, the 1999 edition should prove invaluable for any journalist or company with an interest in the financial sector. In its response the CMC draws on its own extensive experience in monitoring the self-regulatory regime based around the ABI Code.
The CMC supports the overall approach suggested by the consultation document, that there should be arrangements for external scrutiny of the GISC regime which are separate from the Board. the role of the external scrutiny committee and its relationship with the GISC Board should be clearly defined;the scrutiny committee chairman and deputy chairman should have a place on the GISC Board and;scrutiny committee membership should comprise a clear majority of representatives of the insurance industrys customer groups and of the public interest;Both the GISC Board and the external scrutiny committee should be chaired by a public interest representative;The GISC disciplinary system should operate a level playing field between insurers and distributors.
A comprehensive system of complaints handling and redress will be vital to the success of the new regime. The CMC welcomes the opportunity to comment on this important consultation document. An effective and independent scrutiny committee whose role is clearly defined in the GISC constitution will be crucial to the success of the GISC. Discussions are now taking place with a wider group of financial services providers to secure their support and to bring them into the project.