Here’s The Best Strategy To Manage Claims

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.