One of the basic principles of insurance is that the premiums paid by the many should cover the costs of the claims made by the few. In today's claims conscious environment however the cost and numbers of claims, particularly liability claims, has risen so sharply that the size of the...
Disability claims handling can be a slow, manually intensive process for insurance companies. The auther in this article examines what the specific problems are, and where technology can help to streamline the process. He also discusses disability claims handling is about one thing: decision-making. It's vital, given the complexity of...
This paper proposes a model-based approach for capacity planning in information-intensive services, one of the largest and rapidly growing segments of the economy. Using example of insurance claims, the paper notes that for most types of claims, their closing age is driven by delays in collecting information and not by...
While documented cases of clergy sexual abuse are tragic and deserving of compensation, all claims nonetheless require scrutiny. False, fabricated and exaggerated claims do occur. Even if such claims are ultimately defeated, though, the defense costs can be substantial and the damage to those falsely accused can be permanent.Risk managers...
For the average property and casualty insurer, claims account for 80%-85% of operating expense, and claims leakage totals $35 billion annually in the US. In the health insurance space, estimates peg the cost of processing claims at $250 billion annually. To reduce claims expense, insurers are increasingly seeking to streamline...
The claims handling process is the engine that drives the insurance industry. Given the state of the insurance industry, the time is right to look at new ways to streamline and bring best practices to the claims process. While the art of claims handling can be enhanced and supported via...
The handling of express claims is receiving significant industry attention as it begins to deliver major contributions to customer satisfaction and reduced claims cost. While insurance pricing may have been the hot topic over the past years, responsive and efficient express claims handling is the focus of executive attention. Studies...
Disability claims adjudication is subjective by definition. The state of disability is not a condition that can be objectively or precisely defined; at best, it can only be described subjectively and is open to a myriad of interpretations. In order to accurately determine if and when a loss has occurred,...
This paper considers the effect of asbestos claims on European based insurers and assesses the differences between the claims environment in the US and Europe. The report notes several important factors that will limit the exposure of commercial insurers to European based asbestos claims although such claims will still be...
On Friday, Jan. 21, 2005, the state of Maine cut the ribbon on its new, Web-based Maine Medicaid Claims System for processing $1.5 billion in annual Medicaid claims and payments. The new $25 million program, which replaced the state's old Honeywell mainframe, was hailed as a more secure system that...
This article is about reinsurer's responsibility towards insurer claims. Reinsurers must be prepared to deal with this trend towards acceleration of reinsurance recoverables, and must press for fairness and an opportunity to be heard on the valuation of contingent claims. It is likely that more states will amend their liquidation...
Insurers could "write off" paid, but uncovered, claims as part of the cost of settling claims quickly and assisting their policyholders in the wake of a catastrophe. Paying such claims, though, can ultimately result in increased premiums for those policyholders with legitimate claims. It is thus in the interests of...
This article focuses on the issue of property claims. Property damage can have a profound impact on an organization. If not handled properly, the claims-recovery process can have an extremely adverse effect on bottom-line performance. This article focuses on how to successfully manage property claims - how to streamline the...
Loss costs and processing expenses devour three-quarters of every premium dollar, and old-line claims processing systems haven't got what it takes to reduce claims outflows - but replacing them is rarely practical or cost-effective. The paper outlines that staying competitive means embracing integrative techniques and technologies that extend the value...
Using bank-specific data on U.S. bank claims on individual foreign countries since the mid-1980s, this paper 1) characterizes the size and portfolio diversification patterns of the U.S. banks engaging in foreign lending and 2) econometrically explores the determinants of fluctuations in U.S. bank claims on a broad set of countries....
From the executive summary: ‘The bankruptcy liquidation procedure in the United States is called Chapter Seven. When a firm files under Chapter Seven, the bankruptcy court appoints a trustee who shuts the firm down and sells its assets. The bankruptcy priority rule that determines how the proceeds of the sale...
It is seen that both insurers and insureds call on claims adjusters, accountants, and attorneys for help with claim. However, the claims adjusters, accountants, and attorneys that offer their services to insurers are distinct from those that offer their services to insureds. The article describes these experts, outlines the services...
The purpose of this document is to discuss motor bodily injury claims and their escalation from a UK excess of loss re insurer's viewpoint. The paper will look at the component parts of such claims and so provide an insight into the factors which drive the severity of the most...
Today's personal-lines insurance companies enjoy new opportunities to increase margins and to hold down rising claims costs by processing claims in a more prompt, effective and satisfactory manner-increasing operational efficiency as well as customer satisfaction. The paper further reveals that claims processing is the single largest area of impact in...
A central question in every patent case is the meaning of the words used in the patent claims both to compare the invention with prior art and to determine infringement. In order to resolve these questions, the court must properly construe the claims, specifically the words and phrases of the...
