In response to my post, medical malpractice report shows increased severity despite lower frequency, I received … Med Mal Update: Reasons for decrease in frequency and recent Illinois court decision to strike down damage capsRead more
Author: Marc Lanzkowsky
Warning – Medicare Secondary Payer (MSP): Government sends strong message and goes after non-compliance
If you are an insurance company or self-insured, and make payments on liability or workers’ compensation claims, be aware that the Federal Government has filed a lawsuit signaling their intent to be aggressive in seeking reimbursement. As reported in Business Insurance, this “case breaks new ground because CMS simultaneously named insurers, settlement beneficiaries and plaintiffs attorneys all in one lawsuit.” This case should alert all that if you make a payment on an injury claim, and fail to let the Government know about money they should be collecting, they will come after you.
Failing to properly document files can be costly – It cost one insurance agency $5.83 Million
Files should speak for themselves. A recent California decision is yet another example of what can happen if you don’t document your files and maintain procedures. In this case – it cost $5.83 million.
Better claim reports can help improve producer/carrier communications (take our poll)
Improved producer carrier relationships can be a competitive advantage to help increase profitability in tough economic times. According to the survey, a key differentiator for carriers to attract more business from their producers is in the areas of claims handling and technology. Most modern claims systems can create automated customized reports. Producers should be able to ask for specific reports and have them electronically scheduled for delivery. Better reporting will go a long way to improving relationships, and can only help increase profitability and enhance service to the policy holders.
Medical Malpractice report shows increased severity despite lower frequency
The Insurance Information Institute has just released a comprehensive look at Medical Malpractice outlining recent developments … Medical Malpractice report shows increased severity despite lower frequencyRead more
5 expense reduction opportunities insurance CEOs should not overlook
Increased profits come from efficient claims operations: Take a look at that annual reports of the top performing insurance companies and you will see a similar message from their CEO’s. Expense management and efficiency is a principal driver of profitability.In a tight market do less with more without sacrificing quality and significantly customer service is the edge needed to be a top performer. The claims department is the perfect place to lower costs and improve the customer experience at the same time. Here are 5 key areas that should be looked at for cost savings.
Are claim departments’ process and systems ready for the new “Freelance Nation” worker?
Can claim departments handle the change in the American workforce. The insurance industry has struggled in recent years to attract and retain new talent, especially in claims organizations. In an effort to continually provide the best talent, as well as provide the best customer service, more of the “Freelance Nation” will need to be employed. To do this, claim organizations will need to employ strong procedures and up-to-date technology to ensure optimal performance from this more fragmented workforce. Are they ready?
A checklist of the 8 critical issues to be concerned about when self-managing claims
You self-insure, but how well do you manage claims? Companies make decisions to self-insure their risks for a variety of reasons from financing to claims control. Regardless of the reason, when handling claims in-house it is important to manage those claims in an organized manner to protect company assets. Insurance and reinsurance companies use loss experience to determine what to charge for coverage as well as how much coverage is needed
Putting Puzzle Pieces Together and the Challenge of Creating a New Claims System
Creating a new claims system should be easy with no legacy, right? Not so fast! One … Putting Puzzle Pieces Together and the Challenge of Creating a New Claims SystemRead more
With old claims systems come old claims processes – You can’t change one without the other!
So you need a new claims system You know the darn thing doesn’t work or do … With old claims systems come old claims processes – You can’t change one without the other!Read more