THIRD PARTY CLAIMS MANAGEMENT
ICA’s Claims Management and Audit Service can assist the Client in taking command of claims and controlling defense and administrative costs, while gaining valuable information about the nature, frequency and severity of claims, as well as the claims management mechanism of insurance companies and third party administrators.
Many companies have purchased a general liability insurance program with a large self-insured retention with the goal of maintaining greater cost control and management over their claims handling, whereby they retain a third party administrator or a national advisory counsel to handle the first dollar claims. Then, after the initial “settling in” phase, they notice that their expenses have gone beyond their expectations, or they notice that the claims do not seem to be settled early or fought with a focus on costs.
ICA will help you manage the process and help prevent your risk of increased costs in the future by controlling the risks and costs associated with third party claims.
For more information about this service, fill out our contact form .
See Below for How It Works:
Provide comprehensive overview of the third party administrator’s or national claims counsel’s procedures for management of claims and offer recommendations for improving efficiency. See ICA’s Audit Service for Third Party Administrators/National Counsel.
Review open claims to evaluate potential means of cutting costs and streamlining expenses, including analysis of reasonableness of reserves and investigative costs; Review frequency of and necessity for periodic reporting by the third party administrator.
Analyze whether accidents or incidents are properly investigated, files are properly documented and evidence is preserved by the third party administrator/national claims counsel.
Analyze expediency and progression of claims management, suggesting strategies for speeding up and settling claims where feasible and in the Client’s best interests.
Coordinate activities of the third-party administrator and trial counsel to provide feedback to the Client, allowing more input and voice for the Client in the claim management strategy.
Confirm that the data compiled by the third party administrator is properly and accurately reported to the Insurer’s underwriting department which promulgates premium rates.
Provide services to establish, select and train personnel for a claims department within the Client’s organization to handle claims in-house.
Monitor proper and timely reporting of claims by the third party administrator to the Insurer to ensure proper coverage under the policy and compliance with policy conditions.
Analyze claims to recommend appropriate levels of retention and funding mechanisms and to pinpoint potential areas of improvement for loss control and prevention.