A Collaborative Process Can Achieve Significant Results

The best way to minimize the costly impact of claims on any organization is to get them closed as quickly as possible.

At USI Insurance Services, the Real Estate team uses a process to evaluate and close open claims promptly with the client and the carrier’s adjustors all at the table. This process has been particularly effective at helping mid-sized companies close general liability claims promptly and reduce the financial impact of open claims.

In many cases, quarterly claim reviews has resulted in annualized reduction in claims of 20%, and substantial premium decrease.

One such success story involved a mall owner and operator. The company, which utilizes children’s attractions to bring customers to its mall locations, was experiencing a spike in third party liability losses due to injuries involving the attractions. Adding insult to injury, many of the larger claims remained open for several years without the owner knowing why or how decisions were being made on these claims.

Eventually, when USI got involved with the company, it established a quarterly review process and strategy to close open claims at least six months before renewal. This effort alone drove total claim reserves down $100,000 and reduced renewal premium the first year by $35,000.

To learn more about USI’s claims review process, contact a USI representative.