The most effective claims management programs have four elements in common:
- An excellent working relationship with your carrier and intermediary, including a written agreement on roles, responsibilities and communication.
- A defined corporate structure for reporting tracking of claims and oversight of the claims handling process.
- Specific metrics for measuring the effectiveness of the claims management process.
- A commitment to the claims management process from the top of the company down.
The combination of all four elements will have a material effect on reducing your Total Cost of Risk (TCoR) by mitigating your claims cost.
