The Insurance Information Institute has just released a comprehensive look at Medical Malpractice outlining recent developments and industry trends (read more at Medical Malpractice: The Topic). This article breaks down the industry by looking at, among other things, market conditions and national developments. Key highlights include Damage caps can save $54 Billion in medical costs…
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.
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?
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
Creating a new claims system should be easy with no legacy, right? Not so fast! One of the great things about going to work for a start-up insurance company with a lot of venture money is the idea that you can build everything from scratch. No legacy of losses, a clean balance sheet, and no…
So you need a new claims system You know the darn thing doesn’t work or do what you want it to do so what’s next? You can’t just go out and buy a new system without understanding what your current process looks like. Over the years you have adopted your operation to your existing technology. …
Ever try and organize your own closet? It should be so easy to get the thing in order yet for some reason it’s very difficult. That is until you bring in a closet organizer to arrange everything in easy to manage sections. Sometimes the only way to truly accomplish a task is to have a…
On day one as Vice President of Claims for Arch Insurance Company I found myself working in cramped space in Lower Manhattan where the CEO shared an office with others and the head of Professional Liability Underwriting found a happy home in an electrical closet. Arch was rapidly growing its underwriting and was binding new…
9/11 changed everything for a lot of people. I was at my desk at One Liberty Plaza across the street from the World Trade Center when the attacks occurred. I was literally shaken from my desk and the world would never be the same. There were significant emotional and physical issues to deal with. I…
Working at Zurich was a great growing and learning experience. One thing about an insurance company is the need to document and follow procedures. Whether as a defense to a potential bad faith action, or in order to continually justify your actions, there are steps that need to be followed. Managing claims is a very…