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The claims recovery process, often extensive and complex, is subject to a number of pitfalls. Possible obstacles include disputes with insurance companies over coverage, disagreements over which policies are in effect after mergers and acquisitions, and failed communication between underwriters, policyholders, and insurance providers. Companies that manage the claims process effectively are better able to protect their resources, secure the bottom line, and maintain daily operations. Ultimately, an efficient and accurate claims recovery process can help avoid exorbitant costs and additional risks.
What Will You Say When They Ask What Happened?
With thorough planning and reliable management, businesses can achieve cost-efficient and accurate claims processing. Executives can begin to assess their business's level of preparedness in handling liability claims by asking the following questions:
- Do I understand the scope of my company's insurance policies, both past and present? Does my current policy provide the liability claims protection needed to respond to claims made against my company?
- Do I have adequate procedures in place to manage the claims process efficiently and accurately if I have to file a claim?
- Does my current insurance policy include claims handling? If not, do I need to hire a third-party administrator to handle the claims process?
- Is my company planning to merge with or acquire other businesses? If so, under which policy will we operate after the transition, and will it cover liability claims? Could we be purchasing additional, undisclosed liabilities?
- How can I be sure that my claims service provider is handling my claims in the best way possible to mitigate my financial responsibility?
- How does my claims experience compare to that of the industry, the goals I set, and my company's prior claims experience?
Who’s Looking out for You?
Marsh's Claims Consulting Practice is dedicated to helping organizations reduce their total cost of risk by achieving measurable savings in claims costs. Using industry best practices and proprietary advanced technology, our consultants deliver customized process-improvement and cost-containment solutions for all types of claims.
Our claims professionals have broad experience and are committed to delivering exceptional value to help companies achieve business objectives and maximize financial performance. Their frequent interaction with the various insurance markets and service vendors means they are thoroughly familiar with the services and capabilities that these vendors provide.
We provide organizations with the following resources:
- Global claims support with more than 300 professionals worldwide and 280 full-time dedicated casualty claims professionals in the United States
- Access to all major insurance markets and claims service providers
- Proprietary software to assist claims consultants and clients in managing the claims process
Our Approach
Marsh's Claims Consulting Practice helps companies address their rising claims costs with services that are customized to meet the unique needs of each client. These services are designed to help achieve measurable savings in claims costs, whether the company is self insured or insured under a loss-sensitive program with significant retained risk.
Pre-Loss Claims Management Solutions
Our pre-loss solutions include:
- Assisting clients in the selection of third-party administration (TPA) and other risk- related service providers
- Feasibility studies and implementing self-insured claims programs
- Operational assessments of TPAs , self-administered facilities, and staff to:
- Create or refine internal and external claims-handling procedures and programs
- Provide educational direction to employees involved in claims processing, including the creation of custom online training tools
- Evaluations of claims process effectiveness
- Benchmarking (Dimensions™ for workers’ compensation claims)
- Assist in the development of performance goals and their measurement
- Using our TrendTrakker® technology platform to collect, analyze, and report data, Marsh claims consultants assist clients in monitoring and auditing claims files to ensure proper claims handling and disposition. The audits can be designed to focus on best practices and performance guarantees, aged losses, retrospective premium claim reviews, loss portfolio transfers (LPT), and policy buy-out projects, inventory close-out projects, and other custom reviews.
- Mergers-and-acquisitions assistance in recognizing exposures by reviewing loss information, industry trends, and specific claims files
- Quickly assemble an audit team to review a large number of losses, assess claims reserves, and assist in the due diligence process
- Assist in identifying and organizing older policies
- Claims inventory close out projects and loss portfolio transfers
Post-Loss Claims Management Solutions
With Marsh's years of experience, specialized expertise, and worldwide resources, we have the know-how and capabilities to help guide clients through the complexities of the claims process. Whether the organization is simply insured, self-insured, or insured under loss-sensitive programs with significant retained risk, Marsh's Liability Claims Consulting Practice offers services that can facilitate the claims recovery process with measurable savings.
Marsh can:
- Assist clients in understanding what to expect from underwriters on complex claims matters through our quantitative solutions, product recall, and mass tort experts, when needed
- Provide day-to-day claims assistance on claims issues and claims handling matters
- Assist in the resolution of coverage disputes
- Identify and correct any breakdowns in the claims-handling process
- Assist with the claims recovery process and litigation support. Working with our specialists, we provide investigative and forensic accounting services as well as insurance claims accounting and preparation services.
Whether a company is reacting to a recent liability claim or planning for the future, our Claims Liability Consulting Practice offers the support needed to manage claims successfully. Ultimately, our trusted advice and expertise can save clients money, time, and resources.
If you have any questions or would like additional information, please contact us.
Kroll, a subsidiary of Marsh & McLennan Companies, offers services that complement Risk Consulting's. Learn about Kroll's
insurance claims quantification capabilities.
If you are seeking information about insurance and related services, please visit marsh.com.
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