What do you look for when picking out an insurance policy? Though sometimes an unsung hero, finding an efficient, empathetic claims service is absolutely vital. That’s because, when the policy document is tested, it’s claims that steers the policyholder through what is a critical time—something Margaret Murphy, Claims Director, CFC, oversees every single day.
From the law courts of New York to building a global claims team at CFC, Margaret has quite the story to tell. We sat down to get her thoughts on the secret sauce that makes her team a success.
Tell us about your background
For eight years I’ve headed the claims department at CFC, helping to grow the team internationally and across product lines. Claims is now at the heart of the entire business, with innovations such as risk management solutions, hotlines and even digital apps for our policyholders demonstrating our commitment to top-class customer service.
My personal journey began when I qualified as a lawyer in New York. I had the opportunity to go on secondment to two London syndicates, where I experienced more practice areas and became a partner with a portfolio. This led to my interest in what lay behind my legal cases: insurance. When the opportunity to build an international claims team arose at CFC, safe to say it was the perfect fit.
At CFC you’ve built the largest claims team in market. Why is claims important, and what’s your daily mission?
The claims service is the cornerstone of any insurance policy. When the rubber hits the road and a claim is made, the team is there to step in, reassure and guide the customer through what is often a challenging and difficult time.
In this sense the policy document is just one half of what businesses buy. A fast, knowledgeable and empathetic claims service is needed to bring the claim to resolution—and so should be a key consideration when picking a policy. That’s why we make it our daily mission to keep the customer at the core of everything we do.
Your team has picked up several awards recently. What’s the secret to your success?
It’s our job to maintain expertise across more than 20 classes of insurance, which is no mean feat. Success depends on not only our commitment to making things as easy and frictionless as possible for our clients, but in how we work as a team.
We encourage our people to specialize in the insurance class that interests them, and promote work groups and collaboration across territories to ensure we’re all focused on our customer-centric approach. This helps us to truly understand our policyholders and the risks they’re dealing with, so we can convey difficult messages in a way that’s human—something that’s missing from a lot of insurance providers. It’s this ability to maintain focus on what matters—the customer—that makes up an award-winning claims service, rather than investing in bells and whistles that don’t make an impact when the time comes.
How are you using technology to improve service?
For us the claims service will always be about people. But with the right application, technology can play a vital role in taking customer service to the next level. From the beginning CFC has been at the forefront of technology innovation across the insurance industry. We have digital tools helping us to improve service by streamlining clunky processes and accelerating information gathering. This way, we can best assist the client with proactive support, guidance and resolution strategies.
In this sense the skillset required by a claims professional is changing. While the world becomes more digital, exceptional customer service still requires human interaction, understanding and empathy. So it’s about achieving balance; using data and insights to improve how we handle each case, while making sure we stay focused on delivering results and supporting our clients every step of the way.
For women in insurance, it can be difficult to rise to the top. What advice would you give to young women entering the industry?
In this business relationships are everything. It might sound like a cliché, but insurance is truly built on connections. Taking the time to get to know your colleagues, sharing both your challenges and successes, is invaluable. Personally, I’ve learned more from the people I’ve worked with than from any book or degree.
The colleagues I started out with over twenty years ago are still the ones who’ve supported me most throughout my career and life. Even though our paths have diverged across the industry, we’ve shared experiences, mentored one another, challenged ideas and been each other’s advocates.
For anyone starting out, I can’t stress enough how important it is to invest in building these relationships and understanding the power of teamwork. And for women, it’s crucial to advocate for other talented women. Getting involved in industry groups that promote female initiatives and recognize women’s contributions is not only inspiring but also empowering.
As a broker, how can you help the claims process go smoothly? Get three top tips in this article from Ashley Burdon, Cyber Claims Manager, CFC.
