Ten Cost-Effective Resolution
Strategies To Employ Now
Facilitating Prompt Claims Settlements
Once a carrier receives notice of occurrence, the goal is prompt and cost-effective claims resolution. The goal
of this article is to explore the “Top 10”
methodologies and strategies to implement and use effectively. It is never too
early to begin resolving the claim, and
these methods cover the gamut from almost contemporaneous contact to post-trial appeal. The order is suggestive but
not definitive. Thus, insurance claims
organizations should carefully explore
By Howard S. Shafer
each to determine if one or more may fit
their particular situation.
1. The 15-Day Settlement Offer
Okay, so “ 15” is not a magic number. It
could be 12 or 18, but the point is early—
ideally before the claimant is represented.
The offer should be fair and reasonable.
If it’s part of an early settlement or unit
or program, then it gives the offer more
of an air of formality, sincerity, and process. If your claims representative or investigator can go armed with a check and
a release, the likelihood of resolving the
claim is thereby increased. State laws regarding claimant contact vary, so be sure
to know the law in your state.
2. Pre-Suit Settlement
Maybe the 15 days got away from you,
or maybe you received a letter of representation before you had a chance to call. Either way, the name of the game is still early
resolution. I learned a long time ago that
you don’t know unless you ask. In addition