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
Blizzard Warning in the East! Can your claims department keep running if the office closes?
The East Coast snow storm is a great reminder to be prepared for disasters and other reasons why your office would have to close. Do you have the plans in place to manage the next event? Does your claims system give you the ability to manage claims remotely? Can you manage claims remotely for an extended period of time?
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
Med Mal Update: Reasons for decrease in frequency and recent Illinois court decision to strike down damage caps
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
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.