H&M claims’ handling approach Scandinavian Model vs London Model

Abstract

This thesis illustrates the differences in the H&M claims handling approaches between two dominant marine insurance markets, i.e. Scandinavian and London. On the whole, London has influenced the world in most of the marine insurance matters. Since the medieval times it has been an attractive market place for various merchants from the whole world. Concurrently Scandinavia was growing strong and developed its marine insurance market by establishing the mutual organizations with the Central Union of Marine Underwriters (Cefor) at the heart of it since 1911. The knock on effect history normally casts on the current state of affairs is no exception with the marine insurance business. Thus, most of the reasons for the H&M claims’ handling approaches to differ must be sought from the historical developments of the distinguished markets. The merits of this thesis were achieved though the grounded theory qualitative research design. The subject was profoundly studied before the inquiries took place. The interviews were carried out among purposefully selected market practitioners first in Scandinavia and thereafter in London. Acquired data has undergone a rigor analysis and resulted in certain themes that are attributable to each of two studied markets. The analyses were followed by a broad discussion on the evolved peculiarities and both were concluded by establishing the models of the H&M claims’ handling processes. The conclusion of the thesis addressed the key question of this study. It was made explicit that today the approaches largely reflect the difference in historical developments of the distinguished marine insurance markets. Thus, with the historically laid down arrangements of the markets, the role of the claims’ leader in London is more of instructing and approving, whereby the broker takes greater part in dealing with the cases. In Scandinavia, in turn, the claims’ leaders are more pro-active and hands-on in their approach, normally with a wide scope of the in-house expertise.