New research in regards to a newly introduced Ministry of Justice personal injury claims process has recently yielded some significantly interesting results.
The survey, conducted by Berrymans Lace Mawer LLP, found that out of all the representatives of the insurance industry that deal with personal injury compensation,only 53 per cent of such firms were in favour of the MoJ reforms, which will be enforceable on any claims that total £1,000 at minimum to a maximum payout of £10,000.
Out of all respondents, 45 per cent of them had not decided whether the new system was going to be either a positive or a negative change, while 63 per cent expressed their doubts in regards to the effectiveness of the new portal in regards to claims processing. However 28 per cent of respondents did express confidence with the new system.
64 per cent of respondents held the belief that the reform measures would be successful as a cost cutting initiative, however, in addition to providing claimants with their cash awards in a more timely basis.
On the whole most respondents were not ready for the new regulations. a full 60 per cent said they were not yet fully prepared for the implementation of the new procedures, while a 15 per cent had neglected to begin training staff at all. Only slightly over one in five firms were completely ready for the change-over.
BLM issued a reminder to personal injury compensation insurers that an assessment of the amount of time dedicated to each phase of the process was of importance since the MoJ has seen fit to impose time limitations at several important points of the process; neglecting to adhere to the timetable could have such results as the exiting of a claim from the process altogether.