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Client success stories

Lloyd’s Managing Agent

Static claims

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Claims management - Static claims review

 

The Client’s requirements

Not being kept advised of the status of an increasing number of open claims which had been static for a minimum period of over 12 months. This meant that the following issues were arising:

•Closed claims were still recorded as open
•Outdated case reserves were being held on the syndicate’s books
•Capital was being tied up due to redundant reserves
•Limited in-house resource to address the problem, Pro requested to undertake a full review

 

Our solution

• Assign a Project Manager to co-ordinate a team with strong broker relationships
• Review client records to determine the best method to obtain data to update the non-moving items
• Assign different brokers to each member of the team, who contacted brokers directly to request updates
• Where no update was available from the broker, the respective cedant was contacted directly
• Create a reporting system to monitor and record all responses
• Provide the client with a detailed report covering all updated information

 

Services/Value delivered

• Significant and timely reduction in volume of static claims
• Exceeded client target for validation and update of targeted claims reserves
•Closure of redundant reserves with a value of over 20% of total case reserves
• Validation of loss funds, resulting in refunds to client
• Release of capital
• Client reputation enhanced for accuracy of records

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