Accelerated Claim Management During a Pandemic
Risk Managers, Claim Managers, Adjusters and Attorneys are finding ways to coordinate settlement agreements on behalf of clients during this time. Our teams are supporting a variety of situations including Lien Management, Medical Cost Projections, Strategic Bill Reviews, Medicare Set Asides, Structured Annuities and related products and services. Courts are now starting to slowly reopen (or support video conferencing) in an attempt to support these cases. What are the key advantages to focus on these activities now?
Accelerated Claim Settlement Solutions practices are allowing clients to manage legacy and difficult cases in a methodical and cost-effective manner during this time. The practices often reduce the average expected cost of the case by 10-20%, and often 30-40% in larger cases.
While reviewing recent loss information from insurance companies, third party administration (TPA) companies and self-insured clients for accelerated settlements, we are finding many opportunities to resolve claims and save money. Reasons to accelerate claims now include:
- The claimants are motivated to settle cases to obtain the resources for themselves and their families. They are viewing a very severe economic environment as a time to transition from their current situation to Social Security/Disability and Medicare/Medicaid.
- If reserves have been properly maintained, most adjusters are amazed at the possible savings from an Accelerated Claim Settlement Solution. Savings are being gained from the utilization of specific tools such as predictive modelling and benchmarking, strategic bill reviews, focused medical cost projections and structured annuities.
- There is more time to focus on legacy cases. While new claims have declined significantly, adjusters and attorneys are now looking at their more difficult cases for opportunities to resolve them.
- New technology and integrated resources compress the time it takes to resolve matters.
We have found that organizations that are employing accelerated settlement solutions strategies are reducing their aggregate claims costs, and ultimately their loss and combined ratios.