The Claims SPOT is now a featured blog for Claims Magazine Identifying opportunities is easier when … Welcome Claims Magazine ReadersRead more
3 Settlement Techniques That Will Help Move A Case To Resolution
As a claims professional, you know you have cases that will ultimately settle, and can settle, but for some reason or another you just can’t get there. Recently I came across a great blog dedicated to providing different ideas and solutions surrounding the settlement process. Settlement Perspectives, written by John DeGroote, provides insights and “thoughts on how to resolve disputes and get your deal done.”
In today’s post I comment on three techniques suggested by John – Managing Expectations, Decision Trees and Offers of Judgment – and show how more out-of the-box approaches can be a useful way to move a case to resolution and settle claims faster and cheaper.
How Do You Effectively Manage A TPA? Speak Up And Be Active!
Become The Squeaky Wheel To Actively Manage TPA Outcomes As claim practitioners, most of us are … How Do You Effectively Manage A TPA? Speak Up And Be Active!Read more
The Claims SPOT Expands With New Contributors And More Insight
Another Bright Idea The Claims SPOT is expanding to provide even more information and updates on … The Claims SPOT Expands With New Contributors And More InsightRead more
2 Chores that should not be neglected to become a stronger claims organization
Lets face it – no one really likes to do mundane things. Nonetheless, it’s those very chores that have to be done regularly to ensure a strong organization. Like cutting grass, the longer you let it go the worse it is for your grass, and the harder it will be to fix the mess that has been created. There are certainly enough chores that need to be done in the world of claims that no one likes to do. You know what they are – those things that you would prefer to not have to get to. They can include writing notes on files, keeping a diary and paying bills. But as any good claims handler knows, if you fail to do those tasks regularly not only won’t your grass grow, but you will have quite a clean-up.
Two chores that can really help claim departments grow nice healthy grass are in the areas of training and managerial assessments. Learn a few chores that have to be done but will help grow your organization.
Is Your Caims Department Becoming A Bus Company?
Claims departments can get into ruts and begin to act like bus companies. As Seth Godin, business author, recently wrote in his blog – “We all have a vision of the typical bus company, slowly moving people from place to place, going through the motions and showing a lot of fatigue.” In this weeks post, I point to some ways claims department can avoid the bus company mentality and figure ways to stay fresh and motivated.
Does Hiring More Staff Improve Claims? How To Know When The Time Is Right
Deciding when to hire new staff is always a difficult question to answer. It’s even harder in a tough economy. In this week’s post I explore what to consider before hiring. Developing a staffing model and exploring internal metrics should be done before making a decision. But how do you create a staffing model? I suggest a few methods for developing a staffing model that makes sense. Before you bring on more staff review your staffing model, see if there any trends affecting file loads and take a quick look inward at your operation. Once these assessments are completed, you will be in a better position to know if hiring is the right decision.
6 Essential Elements To Explore When Choosing A Third Party Administrator
A Third Party Administrator (TPA) is often the best way to handle claims for an organization. Many self-insured and captives choose to outsource their claims instead of creating their own internal operation. Whether to get expertise in a particular areas, or not wanting to invest in the infrastructure to build a claims department, using a TPA can be a smart business decision. So what make a good TPA and what should you look for? In order to find out you must conduct a comprehensive due diligence of the TPA you are about to hire. This is especially the case when that TPA will be holding and managing your claim dollars. Besides understanding the financial strength and capabilities of the TPA, it is also important to know whether they will be able to meet your data needs, provide consistent claims handling, and work to lower costs where they can.
In this weeks post I address 6 essential elements, and questions, that should be explored as part of any due diligence when selecting a TPA
4 Key Areas For Claims Handlers To Review When Dealing With Follow Form Policies
A follow form excess or umbrella policies is a type of policy were the terms and conditions of an underlying layer of coverage are adopted and incorporated into the “following” layer. While these policies may still have independent provisions and exclusions, they will nonetheless relate back to the underlying, “followed” policy, for most of the terms. In many situations this way of handling excess coverage prevents inconsistencies and ensures there are no gaps in coverage. However, in complex matters involving multiple layers of coverage, or when the language conflicts with the underlying layer, many problems can occur. In claims involving these types of policies, claims handlers must fully analyze all the terms and conditions of all the policy provisions to truly understand the coverage applicable. This weeks post give 4 key areas for claims handlers to consider when dealing with follow form policies.
New Claims Technologies To Help Companies Drive Revenue And Differentiate Themselves
New Study By The Gartner Group Shows 10 Technologies With The Greatest Impact For The Property/ Casualty Industry To Drive Revenue. In this post I comment on 4 solutions that can have a dramatic impact on claims and improve bottom lines. Failing to adopt new technology will put companies at a competitive disadvantage. Every company should look to evaluate their current systems and offerings and create a strategic plan to keep up-to-date with software and solutions. Staying ahead of the curve is a sure way to help drive costs down and stand out from those who don’t.