Risk Management Service Planning

Crisp and accurate claims reporting can streamline the entire claims process. Toward that end SBT will review all incidents reports, attorney letters, and summons and complaints and will explore options including retaining the loss, transferring the loss to a third party where appropriate, and or tendering the claim to the insurer. The result is faster more complete payment of claims with less drain on your organization while keeping premiums as low as possible.

In developing your pre-renewal strategy SBT brings to bear decades of experience via its network of experts focusing on you needs. This process insures that the proper groundwork is done to completely document your requirements while uncovering potential pitfalls and opportunities. The process described below has been proven over and over again with hundreds clients. What follows is a sample of the steps require to develop and effective pre-renewal strategy:

• Draft renewal action plan and timetable
• Determine underwriting information required and assist in development
• Pre-discuss the risk with specialized programs, standard markets and alternative risk financing, etc. This is critically important given the current condition of the insurance marketplace.
• Review and assign market selections to various brokers. We recommend at least two brokers, in addition to the incumbent to quote on your insurance.
• Loss run forecasting model.
• Review updated underwriting information for relevancy.
• Review account service requirements with our client and present brokers with specific expectations of service.
• Prepare underwriting packages for the various brokers and/or direct writers, including specifications, schedule of locations and values, vehicle lists, payroll information, driver lists, equipment lists, loss runs, and other pertinent rating basis data.
• Coordinate all insurance company inspections.

Insurance companies these days endeavor to increase profits by scrutinizing every claim. As respects third party claims, it is standard practice today for the insurance carrier to respond to claims by issuing a Reservation of Rights letter in which they point out various possible reasons that the claim may not be covered. They agree to provide defense, subject to the possibility of refusing to pay the settled or adjudicated award as well as the potential of withdrawing defense at a later date. These procedures make the management of claims critical to getting maximum value from your insurance programs. SBT will take this time consuming function off you plate and apply our decades of experience to the task by performing the following functions:

• Every Reservation of Rights letter will be reviewed and responded to in a timely manner and all errors, inconsistencies, etc. will be pointed out to the carrier.
• We will request from you, and will forward to the insurance carrier all relevant contracts or certificates of insurance that could be utilized to either mitigate or eliminate your exposure.
• At the time the claim is reported, we will request a claim number along with the name and telephone number of the adjuster handling the file. We will follow up on each claim on a quarterly basis to review the status, potential disposition and reserve.