Claims Advocacy
Claims Management Services
At Navigator Risk Management, we take charge of managing all your insurance claims, whether they involve workers’ compensation, liability, or auto issues. Our team thoroughly investigates open claims to ensure that brokers and insurance companies prioritize your best interests. If workers’ compensation claims are impacting your bottom line, our specialized claim containment services are designed to reverse this trend. Navigating through various insurance claims with multiple policies can be overwhelming. While it may be tempting to rely solely on insurance brokers and carriers for processing paperwork and resolving claims, this approach can leave you vulnerable to potential exploitation, with carriers and brokers reaping the benefits. Contact us to learn more about our claims management services today.
Our Services Include
- Reducing and preventing financial losses in claims
- Human Resources training to handle employee issues properly
- Risk management assessment to evaluate company exposure
- Management of your claims by our team of professional claims adjusters
Workers’ Compensation Cost Containment
Companies will pay a premium for their workers’ compensation insurance and reactively manage claims once they are filed by the employees. Companies looking to proactively evaluate their risk exposure work with Navigator Risk Management to get better premiums, minimize claims and keep their experience modification factor low.
Insurance
Claims
Management
At Navigator Risk Management, we can monitor your current claims to ensure that your insurance brokers and carriers are working for you, not against you. Contact us to schedule a consultation and learn more about our claims management services
How Does Workers’ Compensation Claim Containment Work?
Industries that are high risk have a larger number of workers’ comp claims than most other businesses. Depending on the size of your company, you may not have the finances to build your own dedicated risk management team. So how do you save money and still ensure you’re doing everything possible to minimize risk to employees and cut back on insurance charges? You can by partnering with Navigator Risk Management. We offer tools that can reduce the number of claims you’re seeing and investigate open claims to ensure a fair outcome.
Understand Step Reserving vs. Maximum Probable Loss
Insurance companies have two ways to determine reserves in an insurance claim. We look for insurance carriers who use step reserving which means, as your case evolves, the carrier increase or decrease the claim reserve as details of the care unfold. Some carriers use a maximum probable loss to set reserves, which is detrimental to the company carrying the policy. In this case, the carrier decides what the worst-case scenario loss amount would be, attaches a reserve in that amount to your case, even if the final claim is significantly less. While the claim will likely get settled for less, the company will still carry that high-value claim on their policy and pay rates on it until it is adjusted when settled. That is a loss of revenue that affects a company for years.
We Are Here to Help
The best way to stay ahead of insurance carriers and brokers trying to increase their profits on insurance claims is to partner with Navigator Risk Management for insurance claims management services. We can work with you to find the best insurance partner for your business and monitor your current claims to ensure carriers and brokers are working for you, not against you. Contact us to schedule a consultation to learn more about this helpful service.