Traditional insurance claims handling can create a two-tier system of claims control, often causing tensions between underwriters, claims managers and their lawyers. We prefer to develop a blended claims solution that works in partnership with underwriters on product development or risk assessment.
The difference between profit and loss in a competitive liability market often equates to the legal bills incurred by Claimants, met by Insurers and paid to Insurers’ defence teams. The full reality of a liability account can also sometimes take several years to be revealed.
By an intelligent blended solution we help insurers eradicate uncertainty, enabling sophisticated insurers to stay several steps ahead with their own internal projections and develop a truly informed market strategy. We work with our clients to eliminate IBNR and to continually test and audit reserves and claims movements.
A blended approach offers more than a subsidised claims service supported by traditional panel defence work; lawyers can make expensive and sometimes poor claims managers, particularly when inexperienced legal personnel are used. RCB blend legal defence with claims-forensic skills where our partners assess claims at the point of notification.
With this approach, claims are reviewed quickly, and a resolution strategy set out from the beginning. All notifications are given Likely Quantum, Maximum Possible Loss and Target Resolution Date estimates at the outset. Where appropriate, we encourage delegation to Insured clients and the development of protocols to manage, audit and reserve claims handling limits and bordereaux.