To Launch A Successful Claims Closure Initiative, The Key Is Changing Company Culture

Claims closure projects aren’t a simple matter, but they’re well worth the effort.

By closing claims that are 20-30 years old, companies are often able to settle for less than the case reserve and save on any future incurred but not reported (IBNR) costs associated with a particular case.

Building and sustaining an initiative, however, can be tricky. Many companies only take on claims closure initiatives for a few months after claims build up and become unmanageable.