CLAIMS MANAGEMENT

Claims Management

At Strategic Risk Advisors, we believe that “Safety is no accident.” Despite efforts to prioritize safety and develop a strong safety culture, losses still happen—whether due to property damage or injuries. Effective claims management is crucial, as losses can impact cash flow, especially when businesses have large deductibles or retentions. Even with first-dollar insurance, where the insurer covers the full claim, your future premiums may be affected by incurred claims.

Our team at Strategic Risk Advisors helps clients mitigate the impact of losses through proactive and strategic claims management.

Loss Experience Analysis

Underwriters heavily consider loss experience when determining future insurance coverage and premiums. For claims management, this is particularly significant in Workers' Compensation insurance, where the Experience Modification Factor directly reflects a company’s claims compared to others in similar industries. By analyzing past losses, we help improve your risk profile and minimize future costs.

Claim Reporting & Monitoring

Timely reporting is the cornerstone of successful claims management. Early investigation provides critical information that can shape the outcome of the claim. However, the process doesn’t end with reporting. Ongoing monitoring and active management of the claim can lead to lower costs and better results. We work with you to oversee the entire claims process, ensuring it aligns with your company's financial and operational goals.

Claim Strategy Development & Negotiations

Effective claims management requires the development of a sound claim strategy. Your involvement, along with the expertise of your insurance company’s claims professionals, plays a vital role in achieving favorable outcomes. In certain cases, such as property damage or business interruption claims, direct participation in negotiations ensures the best possible resolution.

Complex Claim Evaluation

Not all claims are straightforward. Some, such as those involving property damage, employee training, or contract disputes, can be highly complex. In such cases, active participation in the claims management process is essential to ensure that no critical details are overlooked. Proper evaluation and strategy can help prevent a small claim from escalating into a significant one.

Loss Control & Prevention

The best claim is the one that never occurs. While not all losses can be prevented, they can be minimized through proper training, policies, and proactive claims management. Our team works with clients to establish preventive measures, reducing both the frequency and severity of potential losses.

Insurance Coverage Dispute Resolution

While most insurance companies aim to do the right thing, disputes between the insurer and the insured can sometimes arise. These disputes may result from differing interpretations of the insurance contract or poor claim handling. In such cases, our claims management expertise comes into play. We have successfully negotiated on behalf of clients and, when necessary, engaged policyholder-only attorneys specializing in coverage disputes. Our goal is to resolve disputes efficiently, often avoiding litigation.

Let us help you optimize your claims management process to protect your business and minimize the impact of losses.