Claims Handling: How to Turn Lemons into Lemonade
One of the most misunderstood areas of the insurance business is claims handling. Often mishandled, this function is the reason companies buy insurance. To be certain the following four key elements are being managed effectively, there are several points to remember when evaluating your claims management program: 1. Do you have an excellent working relationship with your carrier and intermediary [broker or third party administrator (TPA)], including a written agreement on roles, responsibilities (key performance indicators – KPI’s) and communication?