The Insurance Impact of COVID-19
Our company was founded on claims recovery services, so it’s a business we know extremely well. We have a 30+-year proven track record of mitigating risk and maximizing recovery when losses do occur. That goes for short-tail claims, as well as the most complex environmental and toxic tort long-tail claims.
We drive process improvement with an end result of developing effective safety and loss control strategies that can significantly reduce our clients’ total cost of risk (TCOR).
Claims is a highly specialized service. No doubt about it. That’s why we employ experienced professionals dedicated to claims management to provide clients with the depth and breadth necessary to ensure clients don’t pay more than they should and that they get every dollar coming to them.
Some clients have multiple, complex claims to manage. We provide a dedicated team to manage the day-to-day oversight so that costly details are not overlooked or forgotten. As is the case with our company’s other service groups, our Claims Services group works to aggressively manage the impact of risk on a company’s profitability. We do that through a number of specialized programs and services:
Pollution claims, asbestos claims and other high-frequency or high-severity claims can wreak havoc on a company’s financial performance. Sometimes such expenses are covered by insurance but a client may not be aware of the coverage or cannot locate the policy or has not been able to convince the insurance carrier that it is a coverable event. That’s when our Risk Management Claims Services Team can help. We perform the due diligence to uncover policies and manage the recovery process. Our proprietary database program tracks detailed claim, cost and policy data that provides our clients with a powerful tool to manage their claim liabilities and evaluate recovery potential. We then provide the necessary follow-up to secure coverage and pursue recovery.
When necessary, we additionally provide expert witnesses, litigation support and other claims support services designed to convince insurance companies to acknowledge the coverage. The result, in some cases, can be millions of dollars recovered instead of millions spent.
As outsourced claims managers for companies that either don’t have internal teams or whose teams are overwhelmed with other responsibilities, we work to identify ways to drive down risk management claim costs. We work closely with brokers and third-party administrators (TPAs) to ensure they are adhering to the terms of their contracts in facilitating proper claims handling and cost-effective claims resolution. Our knowledge of the market also helps us to identify TPAs that best fit client needs and expectations. We become integrally involved in the request for proposal process to help garner more competitive bids on behalf of our clients.
We will work with you through the whole process. Starting with a policy review and coverage analysis, then develop coverage position and presentation to carrier(s), the coordination and facilitation claim prosecution and finally negotiating resolution and claim settlement. This service may be provided in conjunction with counsel or independent of counsel.
Claims data management involves maintaining a database with the current status, key facts and costs incurred for a large group of similar claims (for example: asbestos claims). We leverage this data to provide claim trending and reporting; as well as cost allocations to support insurance payments and/or reimbursements.
HOW RI LOWERS COSTS AND RISKS AND ENABLES REVENUERead more about How Risk International Lowers Costs and Risks and Enables Revenue.
HOW RI CREATES YOUR COMPLETE SECURITY STRATEGYRead more about How Risk International Can Create Your Complete Security Strategy.
Please feel free to contact us.
Our company was founded on claims recovery services, so it’s a business we know extremely well. We have a 30+-year proven track record of mitigating risk and maximizing recovery when losses do occur. That goes for short-tail claims, as well as the most complex environmental and toxic tort long-tail claims.
We drive process improvement with an end result of developing effective safety and loss control strategies that can significantly reduce our clients’ total cost of risk (TCOR).
Claims is a highly specialized service. No doubt about it. That’s why we employ experienced professionals dedicated to claims management to provide clients with the depth and breadth necessary to ensure clients don’t pay more than they should and that they get every dollar coming to them.
Some clients have multiple, complex claims to manage. We provide a dedicated team to manage the day-to-day oversight so that costly details are not overlooked or forgotten. As is the case with our company’s other service groups, our Claims Services group works to aggressively manage the impact of risk on a company’s profitability. We do that through a number of specialized programs and services:
Pollution claims, asbestos claims and other high-frequency or high-severity claims can wreak havoc on a company’s financial performance. Sometimes such expenses are covered by insurance but a client may not be aware of the coverage or cannot locate the policy or has not been able to convince the insurance carrier that it is a coverable event. That’s when our Claims Services Team can help. We perform the due diligence to uncover policies and manage the recovery process. Our proprietary database program tracks detailed claim, cost and policy data that provides our clients with a powerful tool to manage their claim liabilities and evaluate recovery potential. We then provide the necessary follow-up to secure coverage and pursue recovery.
When necessary, we additionally provide expert witnesses, litigation support and other claims support services designed to convince insurance companies to acknowledge the coverage. The result, in some cases, can be millions of dollars recovered instead of millions spent.
As outsourced claims managers for companies that either don’t have internal teams or whose teams are overwhelmed with other responsibilities, we work to identify ways to drive down claim costs. We work closely with brokers and third-party administrators (TPAs) to ensure they are adhering to the terms of their contracts in facilitating proper claims handling and cost-effective claims resolution. Our knowledge of the market also helps us to identify TPAs that best fit client needs and expectations. We become integrally involved in the request for proposal process to help garner more competitive bids on behalf of our clients.
We will work with you through the whole process. Starting with a policy review and coverage analysis, then develop coverage position and presentation to carrier(s), the coordination and facilitation claim prosecution and finally negotiating resolution and claim settlement. This service may be provided in conjunction with counsel or independent of counsel.
Claims data management involves maintaining a database with the current status, key facts and costs incurred for a large group of similar claims (for example: asbestos claims). We leverage this data to provide claim trending and reporting; as well as cost allocations to support insurance payments and/or reimbursements.
