It is important to report all insurance claims promptly. The ever rising cost of claims poses a serious threat for employers. However, following some simple strategies can reduce claims cost significantly. Early reporting of claims is considered as a wise business decision. The earlier an accident claim is reported, the lesser the claim cost is likely to be. In this article we will discuss the importance of promptly reporting claims.
Work related accidents such as tissue damage, burns, trips, falls, fractures, loss of sight or loss of limbs can happen anywhere to anyone. However, such accidents can be prevented if proper measures are taken to eliminate dangerous work conditions prevalent in a workplace. Therefore, it is critical to investigate any and every accident occurring within the workplace.
An initial accident investigation is essential because—
Unnecessary losses automatically inflate costs. In order to keep an organization’s expenses competitive, it is critical to measure and mitigate risks in order to trim down the frequency of accidents. Therefore, a long-lasting and efficiently communicated loss prevention program is crucial for risk mitigation. Loss prevention indicates the identification, analysis and implementation of various techniques required for handling loss and other emergency situations. Such steps help you diminish the chances of unanticipated losses such as thefts, injuries and damages caused by natural disasters like earthquakes or storms.
In this article we will shed light on some of the latest trends in loss prevention. Continue reading
As you evaluate your choice to outsource various components of your operations, you will need to consider the advantages of outsourcing. Outsourcing actually helps your company to grow and save money. There are other advantages of outsourcing that go beyond money though.
Here are the top seven advantages of outsourcing.
When losses strike with unnecessary frequency or brutality, it increases an organization’s cost. To keep costs competitive, it is crucial to minimize the severity and the frequency of accidents through a concrete foundation of loss control. This involves analyzing and identifying ways in which you may be found accountable and develop executable procedures to handle the exposures. Continue reading
An insurance claim can arise from any number of events – from coverage of damage by water to damage of an insured’s house by fire. Insurance policies are like one-way contracts; the insurer is the lone person making a binding legal promise. Then again, for a policy holder to acquire the reimbursement of his/her policy and for the policy to be constantly renewed, there are certain necessities that he/she needs to carry out. If the insurance company discovers irresponsibility, in any way that could increase the chances of risk in a claim, it may consider discontinuing the insurance coverage. Continue reading
An account manager executes various duties which are projected in managing his/her employer’s client relationship and developing new business from the present clients. Every industry appoints account managers to maintain the firm’s as well as the client accounts. The responsibility of an account manager differs depending on the type of business. However, the main objective of an account manager is to continue the company’s relation with its existing clients, in order that they persist to maintain business with the company. He/she also identifies prospective new clients and business prospects and persuades them to set business with his/her company. Continue reading
It is important for insurance companies to develop an effective risk-management program and opt for tailored risk solutions so they are able to handle crisis situations with ease. Claims, underwriting and loss prevention all need to work together, therefore, having someone who can implement loss prevention techniques specific to an industry and work closely with a claims team to aggressively manage claims after they occur will helps minimize the loss. Thus, the requirement of a Risk Management Program is essential for insurance program managers. Continue reading
Insurance companies are always under strict government supervision. This makes it critical for insurance companies to develop effective risk-management programs. A well-designed risk management program is also essential for the success of the insurance companies. Moreover, risk management strategies also help the insurance program manager’s company to set up formal risk assessments.
The collection of an insurance premium is vulnerable to several risks. Continue reading