While establishing the appropriate insurance cover is critical the control of claims management within the Company is often overlooked. In many cases poor management following an incident can lead to added costs (not borne by the Insurer), reduction in covered costs and may have a major negative impact on the subsequent renewal terms and cost. In the worst case poor management may lead to claims being denied by the insurers which would otherwise have been covered.
It is important to establish procedures with Brokers/Agents and within the Company that avoid mismanagement.
PBRM will help design the process for managing insurance claims with your brokers and insurers.
This should ensure that areas that may negatively impact the balance sheet are minimised and provide guidance for the Executive Management Team through the process.
It will certainly provide clarity as to what needs to be done and by whom thereby avoiding non compliance with the Insurers’ conditions securing the optimum recovery under the policy with the minimum impact for renewal.
Claims Mitigation Management
PBRM can work with the Client and their Brokers to ensure that protocols are established and in place which prevent the Company from prejudicing their insurance recoveries and ensuring full details aof the claim are used to mitigate future reccurrence