Claims departments employ professionals that want to do a good job for policy holders as well as the company, and claims guidelines should help foster those goals. Before drafting guidelines there are a few things that should be considered and we, along with our fellow blogger Phil Loree, suggest 7 things a company should consider when drafting claims guidelines.
Best Practices
Absence of procedures to notify reinsurance is a basis for bad faith
Recently I was discussing bad faith and notice procedures with attorney Phil Loree Jr., an expert … Absence of procedures to notify reinsurance is a basis for bad faithRead more
5 Claims issues cited for non-compliance on market conduct exams & 3 tools to avoid them
Insurance Market Conduct examinations are a regular part of the insurance business. Besides the stress of … 5 Claims issues cited for non-compliance on market conduct exams & 3 tools to avoid themRead more
Improve bottom-line outcomes on claims by thinking outside-the-box!
Claim handling is just as much an art as it is a science. Synthesizing facts and … Improve bottom-line outcomes on claims by thinking outside-the-box!Read more
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.