With over 25 years of experience in the insurance industry, I’ve had the unique opportunity to … 5 Fatal Flaws in Litigation Management: Why Immediate Change is CrucialRead more
Best Practices
Thinking About 2025: Driving Innovation in Insurance Claims Technology
The U.S. insurance industry continues to exhibit its remarkable resilience, as underscored by its impressive financial … Thinking About 2025: Driving Innovation in Insurance Claims TechnologyRead more
Improving Litigation Management: A Data-Driven Approach
Addressing the Challenges of Accurate Data The integration of data analytics and predictive modeling into litigation … Improving Litigation Management: A Data-Driven ApproachRead more
Streamlining the First Notice of Loss (FNOL) Process: Best Practices and Technologies
In the fast-paced world of insurance claims, the First Notice of Loss (FNOL) process is the … Streamlining the First Notice of Loss (FNOL) Process: Best Practices and TechnologiesRead more
A Nice Refresher: The Critical Role of Timely and Accurate Practices in Claims Management
I hate to state the obvious, but accurate, timely and consistent reserving is the one truth … A Nice Refresher: The Critical Role of Timely and Accurate Practices in Claims Management Read more
Taming the Claims Severity Beast: A Data-Driven Approach to Litigation Management
In today’s landscape of escalating lawsuit costs and economic uncertainty, managing litigation severity has become a … Taming the Claims Severity Beast: A Data-Driven Approach to Litigation ManagementRead more
Social Inflation has Commercial Casualty Losses up 11% Over the Last 5 Years: 3 Claims Department Strategies That Will Help You Navigate The Problem
Swiss Re’s latest report on social inflation is a must-read for claims professionals. Their sigma No … Social Inflation has Commercial Casualty Losses up 11% Over the Last 5 Years: 3 Claims Department Strategies That Will Help You Navigate The ProblemRead more
3 Claims Department Musts That Will Let The CEO Sleep Soundly
There are many elements to a well run claims department. As with many areas of business it comes down to people, process and technology. Good people will drive the success of any department and working with defined efficient processes, as well as technology tools that support the organization, are basic core requirements to any well run department. Specifically what people, processes and technology make up a good claims department is a subject for another day. Regardless every claims department should be using metrics, performing audits and have a business continuity plan in place as a minimum. Take our survey too and let’s see what companies are doing on these three.
4 Keys to Managing a Successful Outsourced Claims Operation
All things being equal there are many fine TPAs in the market that will provide wonderful service to your insureds in a cost effective and comprehensive manner. Initially you think you have chosen a good one. However, as time goes on you realize you are not exactly getting what you expected from your TPA. So what happened?
It matters little what your reasons for outsourcing were. Bottom line is if you didn’t take certain steps to properly select and manage a TPA you are likely to end up with problems. The partnership you form with your TPA will be fruitful if you take key steps to select and manage them in a way designed to foster long term success.
Learn how in our latest post!
Kindergarten Management: Getting Back to the Basics
Everything we know in life started back in kindergarten. Kindergarten is where we learned to socialize in groups, lived by rules, played well with others, managed time, took turns asking questions and listened to authority. Success and creativity were rewarded and failures became further learning experiences. The more I thought about this recently the more I realized that kindergarten is a perfect example of a well-functioning organization and management.
We can lean a lot by going back to kindergarten. Bear with me take a look how this would apply in a claims department.