Accelerated Claim Settlement Solutions
In this age of “instant” communication and expectations, many claim management practitioners feel the added pressure of finding solutions that often are out of their immediate control. Accelerated Claim Settlement Solutions practices allow clients to gain a wealth of technology, data and experience to alleviate headaches and help to manage the claim in a methodical and cost effective manner.
When we review loss information from insurance companies, third party administration companies and self insured clients, we notice that legacy Casualty, Health, and Disabilty claims (those claims that are open for longer than one year, or are greater than $25,000 in reserves) are being managed in a more “casual” manner than in the past. We find at times that long diaries are being placed on the case, with only minimal support for the reserves. Normally, an attorney and their staff are the only resources helping to close a claim.
There are many reasons for these conditions in an operational risk and claim management environment.
- The severity and complexity of legacy Casualty claims has worsened over the last few years.
- Entry level job requirements for claims staff is not as rigorous now as in the past.
- Many managers believe that claim adjusters don’t have adequate resources to deal with everything related to a claim, and their case loads are growing to levels that make effective claims handling a difficult exercise.
The Value Equation
We are bringing a unique approach and an extensive “results-oriented” benchmarking capability with our RiskPro® data and technology to our clients. Additionally, we bring a multi-functional team of insurance specialists, claim professionals, nurses, doctors, and attorneys to the claims with the primary objective of accelerating the claim for the benefit of all parties.