Bowen, Miclette & Britt offers corporate claims monitoring services in all 50 states. Our consultants and experts organize and monitor claims to ensure efficient settlements with minimal employer risk. We are available to monitor insurance claims for companies of all sizes, so contact us to request a quote.
Claims Monitoring Process
Our claims professionals assist with the following processes:
Claim Examination
We receive the claim and analyze its details to understand the incident and how it relates to your policy’s coverage. We also verify the claim’s legitimacy to prevent losses from fraudulent claims.
Policy Review
A claims monitoring consultant will delve into the policies your organization holds. Our associates will understand the types of incidents your policies cover to gauge liability and resolution expectations. A thorough review allows us to respond to claims quickly and accurately.
Claim Adjustment and Resolution
After passing an initial examination, a claim moves into the adjustment phase. Your insurance provider will determine if it will cover the claim and the extent of the compensation. Adjustment establishes the exact amount due to the customer.
From there, we ensure a swift and accurate resolution to the claim. We will mobilize medical and legal professionals to review the claim and ensure the compensation agreement matches the circumstances. Your claims monitoring consultant will complete all paperwork and submit all payments on time to expedite the resolution.
Record Keeping
We enter each claim that we process into a database alongside past claims. Our database contains information such as the reason for the claim and its outcome. Maintaining detailed records allows us to compare new claims to past situations. We will determine inefficiencies and common risks that result in insurance claims.
Insurance Claims Monitoring Services From Bowen, Miclette & Britt
We offer claims monitoring services that help businesses reduce claims expenses, satisfy legal requirements and restore workplace productivity. Our claims management capabilities include:
Open Claims File Review
A report is generated showing all claims currently open under all lines of insurance. The report will detail facts of the claimant as well as show amounts paid to date and reserves set by the carrier. A claims manager will meet with the client to provide up-to-date information and discuss possible resolution strategies. The report also shows loss trends over the past 5 years to help assess emerging risk management and safety concerns or to demonstrate that risk management awareness and efforts are yielding positive results.
Catastrophic Loss Response
Clients are provided 24/7 Emergency Response Contact Cards. We respond to all large losses immediately upon notification. We have an established network of professionals including attorneys, accident reconstruction experts, engineers and adjusters. When a large or unusual loss occurs, we dispatch our network of professionals and immediately notify the insurance carrier.
Integrated Claims Monitoring System
Financial data is updated monthly from the TPA (third party administrator) or carrier. Loss runs and loss graphs can be created. Loss runs also contain the availability of a claim allocation system and tracking of claim handling fees. The Integrated Claims Management System allows for:
- Access to individual claims and claim analysis reports
- Claims and claim analysis reports are available 24/7
- Assists Claims/Risk Management/Fleet/Accounting by providing information to increase productivity and efficiency
- Interactive claim management systems allow:
- Ability to categorize claims for managing and specific reports
- View and add activity notes
- View reserve history for tracking increase/decrease in exposures
- Capability to report claims online
- Established triggers to provide e-mail notification for new claims established; reserve threshold exceeded
Management Reports
Claims information is consolidated and distributed in the form of customized reports to allow for internal claims allocation, monitoring of financial activity and loss analysis. Example reports:
- Claims Financial Summary – A one-page “snapshot” by policy year, coverage, open, closed, loss type and large claims limited at deductible levels. This report also includes a summary recap by policy year and coverage to track monthly changes.
- New Claims Activity – A detailed list of new claims reported in a given month
- Closed Claims Activity – A detailed list of closed claims in a given month
- Change in Total Incurred 10K – A detailed list of claims where the reserves were increased or decreased in excess of $10,000
- Open Claims Report 25K – A detailed list of open claims, at the accident level with total incurred reserves in excess of $25,000
Benefits of Working With a Claims Monitoring Consultant
Maintaining an efficient and accurate claims management process is critical for any business.
- Settle claims faster and at a lower cost by gathering complete, accurate information and reviewing the information to prevent backtracking
- Prevent insurance fraud by analyzing claims under a fine microscope
- Resolve each claim within a policy’s parameters without overpaying or underpaying
- Resolve claims faster so that employees can return to work sooner and productivity can resume
- Ensure customer satisfaction by returning your workforce to its most efficient form
- Secure sensitive company and customer data
Corporate Claims Monitoring
Reach out to our team today to see how our corporate claims monitoring services can help your organization.
