Reserving the process
Global Reserve: Global reserving is mainly the responsibility of the actuarial department of the insurance company. It is also called Actuarial Reserving where it looks at the overall reserving process and the impact on the whole business. Claims Reserving Process involves: checking data integrity / checking historical data / projection of claims 1. Checking Integrity […]
Support Services
There are various external services which are available to an internal claims team which can assist then in the functions as follows: a. Outsourcing Companies b. Loss Adjusters c. Surveyors d. Solicitors e. Loss Assessors f. Authorised Repairers g. Risk Managers Outsourcing is using a skilled resource from outside the company to handle work traditionally […]
Organizational Structure
Insurance companies usually have a complex structure, this is due to their size and the varied activities undertaken as follows: a. Underwriting b. Claims investigation and payment c. Marketing d. Investment Every company will have some form of organizational structure. This should be in line with its stated business objectives in an efficient manner. There […]
Data Protection Rules
a. The Data Protection Act 2018 (DPA 2018) came into effect in May 2018 to coincide with the General Data Protection Regulation (GDPR) and the law enforcement directive LED 2016/680 EC. It aims to modernize data protection laws to ensure they are effective in the years to come b. GDPR is effective across all 27 […]
Using IT in claims Handling Systems
a. IT offers many benefits, but there are also difficulties when using IT. The general aim of using IT in claims systems are: i. IT can be used to reduce the cost of claims administration. ii. IT can also be used to improve the service offered to the client. b. The main Benefits of using […]
Civil Procedure Rules (CPR)
The aim of CPR is to reduce costs, delay and complexity in the handling of Personal Injury Claims and to prevent litigation where possible. The early settlement of disputes is encouraged through the action of pre action protocols and active case management by the courts together with cost penalties for parties who refuse unreasonably to […]
Related Claims Services
Related Claims Service: a. Legal Helplines and Advice b. Authorized Repairers c. Uninsured Loss Recovery Services d. Legal Costs Services e. Risk Control / Advice f. Rehabilitation Services a. Legal advice services: Usually free and offer 24 hours advisory or assistance service. Emphasis is on immediate service. Can be for advice in respect of a […]
