Claims Operations: A Practical Guide

Reference At-A-Glance

Explanations and illustrative examples of technical claim issues, practices, and management.

Claims Operations: A Practical GuideAuthor: Michael T. Murdock, CPCU, ARe, ARM, ACI, ASLI
1st edition
Pages: 458
Includes: Bonus Publication
See the Table of Contents

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Description

Written for both experienced and new insurance professionals, this book provides a comprehensive overview of how the claims process is handled, controlled, and managed, and its interrelationship with other functional departments.

Nonclaim professionals will gain a better understanding of how to improve profitability through effective technical claims handling and claim management (including proper caseloads), and recognize when and why a claims operation or TPA is not meeting industry quality standards.

Who Should Buy This Book: Adjusters, Claim Managers, TPAs, Risk Managers, Underwriters, Program Managers, Insurance Agents, Captive owners, Captive Managers and Attorneys.

Use this book as a training resource! Call IRMI Client Services at (800) 827-4242 for bulk order pricing.

Features and Benefits to You

Select a Job Function (click the arrows to the left)

more info Claims Managers, Adjusters and Adjuster Trainees

  • Gain a better understanding of all claims operations and how the operations interrelate with other departments.
  • Learn the details of the variety of claims operations in different risk financing structures, such as captive insurance companies.
  • You'll be able to gauge the results of proper claims staffing on the claims operation, and the impact from utilizing an effective staffing model.
  • Understand the impact of reserve management on profitability or loss.
  • Takes the mystery out of third-party claim administration (TPA) operations.
  • New adjusters will receive a consolidated understanding of the claims process. Perfect for a claims trainee program.
  • Claims adjusters and claims managers will better understand each other's role in the claims process and their combined impact on results.

more info Claims Executives & Insurance Buyers

  • Achieve a balance between adequate adjuster caseloads and meeting budgetary constraints.
  • Understand the TPA pricing models and factors impacting pricing.
  • Learn how increased staffing with manageable caseloads can positively impact results with reduced loss costs.
  • Provide guidance with a "best practices" claim model.
  • Implement a best-in-class claims trainee program.

more info TPA Management

  • An excellent resource for understanding the TPA operations and their impact on the core services provided of technical claims handling and claims management.
  • Understand the effect of inadequate pricing on results and client retention.
  • See examples of adverse results from improper or inadequate staffing decisions.
  • Learn how improper claims handling can affect the financial stability of the company with errors and omissions and poor quality.

more info Insurance Agents, Brokers and Claim CSRs

  • Learn how claims investigations and reserves impact results.
  • Get the right questions to ask about claims operations and their impact on your agency.
  • Understand what is behind the loss run numbers and if the incurred losses are adversely affected by the claims operation.
  • Gain insight into whether the insured’s workers compensation experience modification factor is adversely affected by the claims operation.

more info Risk Managers

  • Outlines how to develop a company-owned claims facility to handle claims within self-insured retentions.
  • Understand how improper claims handling can affect the financial stability of the company.
  • Gain insight into whether the insured's workers compensation experience modification factor is adversely affected by the claims operation.
  • Learn how claims investigations and reserves impact results.
  • Provides a practical guide to which questions to ask during the selection process for insurers.

more info Underwriters

  • Learn how results are impacted by claims handling (re: loss ratios) and claims investigations as the basis for claims reserves.
  • Understand why adequate staffing is so important in a claims operation and how it impacts underwriting results.
  • Gain a better understanding of how claim reserves are established, including the evaluation basis for bodily injury case reserves.
  • Provides guidance for a "best practices" model.