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RESEARCH AND BRIEFINGS

Risk Management 201: Best Practices in Casualty Insurance Claims Management

 


A follow-up to our Risk Management 101 webcast, The Basics of Casualty Insurance, “Best Practices in Casualty Insurance Claims Management” covered key issues and fundamentals around the filing, processing, and adjudication of casualty insurance claims.

The webcast panel, Marsh’s experienced casualty insurance claims experts, covered:

  • The fundamentals of claims reporting and investigation.
    • Roles of the insured, claims, representative, and claims manager following a claim.
    • The importance of proper notice to the claims process.
  • Insurance carriers’ reserving processes.
    • Historic approach to reserving.
    • Statistical, actuarial, or default reserving
    • Fact-based reserving.
    • The role of predictive modeling in reserving.
    • The impact of reserving processes on your insurance program.
  •  The casualty claims-management process.
    • Responsibilities of insurers and brokers before a loss occurs.
  • Addressing coverage issues.
    • Insurers’ options upon receipt of a claim.
    • What is a reservation of rights letter and what you should do if you receive one.
  • Litigation management and engagement of defense counsel.
    • How defense counsel is selected following a casualty claim.
    • When independent counsel is necessary to handle a claim.
    • Factors to consider when deciding whether to accept the insurer’s chosen counsel.
       

Listen to the replay