Insurance Claims Management Service
Depending on the different policies you have, your company could have multiple insurance claims on various issues at any given time. With so much to keep track of, it can be tempting to put your faith in the insurance broker and carrier to get the paperwork processed, cover the claim, and close the incident. However, that leaves you at risk of being taken advantage of, while carriers and brokers reap the benefits. The team at Navigator Risk Management can manage all of your insurance claims, including workers’ comp, liability, and auto. We look into your current open claims to ensure brokers and insurance companies are working with your best interests in mind. Contact us to learn more about this service today.
Holding Insurance Claims Departments Accountable
Something many business owners don’t realize is that many insurance companies don’t have dedicated claims departments. Claims are handled by representatives who have other responsibilities in their day-to-day operations. When researching insurance carriers to determine who might be a good fit for your business, we often ask what their claims process looks like, who handles the claims, and what their process is for setting reserves. Finding the answers to these questions provides insight into how your insurance will be affected by the claims. Even if you have an open claim, our diligence can keep costly insurance spikes off your record by proactively managing the claims and ensuring proper protocols are followed.
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.
Let Us Manage Your Insurance Claims
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.