The Importance of Efficient Claims Management for Public Risks

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Insurance providers, both small companies and large corporations alike, have one common goal: to protect their clients and their assets. As insurance agents are required to comply with government regulations while balancing that with consumer expectations in the public sector, an effective Public Risk Claims Management program is necessary.

Claims Settlement- While this process is complex and requires multiple steps, settling the claim promptly will encourage customer satisfaction and improve service. A viable solution to assist with this procedure is using a claims management software system for automation.

Detecting Fraud- It goes without saying that insurance companies lose money when fraudulent claims are paid. In turn, customers absorb the loss and often have to pay more in premiums. As such, consider using software systems that track payment and claim history. However, while quick claim settlement turnaround is ideal for consumers, rushing through the process causes more margin for error and failing to detect fraudulent activity.

Cost Management- According to Small Business Chronicle, monitoring costs throughout the claims management process determines how much of a customer’s premium rate goes toward paying for the insurance company’s administrative costs. Generally speaking, the quicker the issue is resolved, the more money the insurance company will save.

Avoiding Litigation- Claims disputes are common and require an accurate assessment of liability prior to being paid by insurance companies. Naturally, a delay in a claim settlement results in additional cost for the insurer.

Allied Public Risk is dedicated solely to the underwriting of public entity exposures supported by our staffs’ years of experience and expertise in this niche market. Our seasoned professionals offer decades of specialized knowledge derived from helping manage and mitigate risks faced by public entities.

At K2 Insurance Services, LLC, we are dedicated to creating a leading underwriting and distribution franchise both in the standard and specialty program insurance markets. K2 was formed by two insurance industry veterans with the purpose of acquiring managing general agents and developing multi-line programs. Our goal is to distribute innovative products through retail and wholesale distribution channels. To learn more about our services and partners, please contact us today at (855) 976-8113 or visit K2INS.COM.