Library: R&I – Here’s the best strategy to manage claims. Hint: It’s a little bit traditional and a whole lot of new

Executive summary:

From establishing solid communication processes to utilising technology while integrating a personalised touch, today’s claims handling is a melding of innovative strategies and long-standing approaches.

Are your claims up to scratch? 

Communication is paramount

Claims handling is where the promise of insurance coverage becomes a reality, and while companies may have unique ideas about some best practices, there is broader agreement about others, like the importance of communication.

“In a claims program with multiple stakeholders, communicating proactively and effectively is critical to success,” said Max Koonce, chief claims officer, Sedgwick. “Whether you are communicating with jurisdictional resources, client program managers or impacted workers or consumers, a timely, thoughtful, and informative exchange of information is essential.”

Communication between claims and underwriting may be paramount.

“There absolutely has to be near-constant communication between an underwriter and claims, materially understanding how claims may be eroding the underwriting profit and understanding what can be done to mitigate that erosion from happening,” said Kevin Combes, director of casualty claims, Aon Global Risk Consulting.

“It’s critical that any underwriting organisation is staying very, very close to claims, to not only understand what the trends are from a payment perspective, but also it just inures to understanding the risk better.”

Steve Deane, chief claims officer, global risk solutions, Liberty Mutual, agreed. “We’ve got a method and process in place for our frontline adjusters to share insights that they’re seeing on individual claims. They’ve got a direct connection with our underwriting and risk control teams to say, ‘Hey, on this one claim or on this small group of claims, I’m seeing something that doesn’t seem quite right.’ ”

Making the information accessible to multiple audiences can be essential.

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