Meet the MGA: Qlaims

When did Qlaims start trading, and with what products and capacity did it begin?

Qlaims started trading in 2020, and while the Covid-19 pandemic presented challenges in so many ways, we were still able to engage with brokers and their clients, given our digital approach. 

Our first product: loss recovery insurance for businesses was initially underwritten by HSB Insurance, and I have to thank them for backing us in those early years.

Qlaims has a unique business model designed to streamline the claims process. Our loss recovery Insurance product provides and pays for an independent loss adjuster to prepare, manage and negotiate the settlement of claims on behalf on the client.

This means we are completely focused on customer outcomes, ensuring they get the correct claim outcome as smoothly and swiftly as possible.

What attracted you to join Qlaims in 2020?

In my last few roles, I’ve had a responsibility for customer experience at claim time, liaising with our panel of insurer partners.

Over the years I’ve had many claims escalated to me for one reason or another, and I can honestly say that if I’d known that there was such a thing as loss recovery insurance, I would have proposed it to those big brands years ago. 

I can see the customer need for our services, yet this type of cover has not become mainstream. I’d like to change that.

What are the backgrounds of the other key personnel at Qlaims?

There’s a healthy mix of senior-level insurance experience gained from broking, insurers, adjusters, through to product distribution.

There’s a healthy mix of senior-level insurance experience gained from broking, insurers, adjusters, through to product distribution.

We are all customer advocates, and every one of us is passionate about the business, and its goals for improving the way we handle claims.

You recruited former Axa executive member David Williams as a non-executive. What does he bring to the business?

I enjoy working with David. He is a great believer in loss recovery insurance, and sees it as filling an important gap in UK Insurance policies. 

His knowledge of claims, and his insurer perspective, helps us to develop the products in a way that takes into account all perspectives, including insurers. Insurers have much to gain from our independent services to their clients.

What would you describe as the USP of Qlaims?

We complement the expert support and advice we give to claimants (our policyholders), with technology to make for a great claims experience for our clients. 

I see us as being a digitally led insurance business with an expert and very human touch.

How has the business evolved and what have been the biggest changes since you joined?

When I joined, we had two separate areas of the business: the technology side and the insurance. I have brought those two businesses closer together, and created a stronger more joined-up customer proposition.

When I joined, we were still in trial. We’ve seen huge growth since then and today we also have a retail LRI product as well as a number of broker variants. Not to mention – of course – a much larger team now, including our own client-facing loss adjusters.

How important is technology in terms of helping Qlaims to be able to deliver its products and services to brokers?

Reaching brokers through their software houses has had its challenges, with only Acturis offering loss recovery insurance as an integrated additional cover. 

Using tools such as video streaming gives us fast eyes on the ground to deliver almost immediate help and support and our claims tracking software keeps everyone up to date.

I’d like to see others embrace this and allow the insurance cover to be sold more easily and broadly.  However, we have our own placing portal that is well used by brokers to accommodate this gap in terms of our services at claims time. 

We see technology is a key and complementary aspect of our product.

Using tools such as video streaming gives us fast eyes on the ground to deliver almost immediate help and support, and our claims tracking software keeps everyone (brokers and clients) up to date.

There has been a lot of talk about a capacity crunch; how have you found securing (re)insurer support?

I know, for some, this has been difficult, and I personally know colleagues in the industry who have not secured capacity. For ourselves though, the process was straightforward.

We had partnered with Great American Insurance on our retail product in 2021, and when our commercial lines business associate agreement renewal came up then – given our great working relationship – it made sense to deepen our partnership with them. 

We are both very much aligned on the growth and strategy for the products.

In terms of your core markets how would you describe the rating environment?

Qlaims has made little change to our own rating over the past year. We’ve not needed to, but we see the premiums on the policies that we are attached to increase. The type of inflation rates we see on these underlying insurer premiums can be upwards of 20%.

How would you describe someone who might be a good fit as a Qlaims employee?

We are recruiting now – as it happens. We need people who are bright, articulate, willing to challenge the traditional norms but nonetheless appreciate the environment and market we work in.

Being a fast-growing company, lots of energy is essential. Understanding what great customer experience looks like and translating that into deliverables, is a must.

What can we expect in terms of product diversification/launches from Qlaims?

Our goal is to offer an entire range of flexible claims assistance products, both before and after the event. We launched an ‘after the event’ service in November 2022 and we’ve already had strong take-up from brokers. 

With our new underwriting partner, we are working on more product variants to increase our penetration of the market.

The insurance market does not traditionally do claims well, and our refreshing approach to customer facing claims will be become more mainstream and I hope will help the industry gain trust from customers.

How many brokers do you deal with, and what would your message be to brokers who have not reached out to you yet?

In today’s tougher economic climate, as an industry we are seeing a greater scrutiny by insurers on claims and the duration of claims increase. Which makes little sense to me when claims costs are rising. 

We have 200 intermediaries working with us now and I’d encourage brokers without access to the professional advice and services that we offer to get in touch. 

We are here to help their clients through the claim process quickly, with the correct outcome and to reduce the inherent stress that making a claim creates.

In five years’ time what will success look like for Qlaims?

In five years’ time, I expect us to be the market leader for this type of insurance and the “go to” provider for customer-facing claims solutions. 

I am determined that Qlaims will facilitate a fundamental change to the way the industry handles claims – and one that puts the customer first.

Success would be when every client has access to the benefit of loss recovery insurance, and with brokers recognising the benefits and certainty it brings.