Captive Insurance & Self Insured Financial Transparency Management
With a growing number of captive insurance and self-insured organizations, managing and maintaining financial transparency is essential. This includes reconciling claim costs, recoveries, indemnities, and reserves with the insurance carrier. The consistency of numbers between entities plays a significant role in transparency and accountability.
Insurance claims management is anything but straightforward. Many players are involved, all of whom have different database systems with varying structures and data sets. Getting them to play nicely together and have consistent figures is a common obstacle.
In a recent meeting with a customer with a $500k self-insured retention, we studied a set of workers compensation carrier financials. This includes medical and indemnity reserves, payouts, expenses, subrogation, and total loss amounts. These numbers are critical and affect policy premiums and renewals. They also influence the relationship and negotiations between the carrier and the insured. The trust relationship between a captive and self-insured organization and their insurance carrier hinges upon transparency and financial report-ability.
Getting the numbers in A1 Tracker to successfully reconcile with insurance carrier’s loss run financials depends on structural compatibility and data exchanges between systems and integration logic. The more inconsistent these 2 systems are, the more complex logic is required to reconcile figures between the two.
This problem prompted A1 Enterprise to create a solution that suits the carrier in terms of loss without doing any coding with the software. Hence, it gives us the option to extend APIs to customers who manage different insurance lines while also allowing them to communicate with their various insurance carriers. This is ideal for captive insurance companies and self-insured (OCIP) insurance.
A1 Tracker creates financial transparency among the carriers, auditors, and insured parties - and therefore a win for everyone.
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