Claims Management

Every company will have insurance claims to deal with at some point. As the business grows, this can magnify more than you may anticipate, along with the complexity of managing multiple stakeholders towards a swift resolution. Even if your existing insurance policies are limited or accounting for a modest scale of assets, products, services or operations, you should still consider a claims management advisor to prepare for what may be next. A large part of our client work includes assessing existing policies and seeing whether they fit with the evolving nature of your ambitions in any industry.

However, if your business has recently experienced a loss and/or has grounds to file or defend a claim, you’ll want to consider working with a claims management service provider right now. We can advise you on how to shorten the resolution timescale and apply the insurance you’ve invested in. Every day a claim remains unresolved can have consequences for your profitability, planning, and reputation.

While burglary, theft, natural disasters, and accidental injuries are still some of the most widespread insurance claims we encounter, they have changed with the state of the world today. Climate change, for instance, has impacted the risk of floods, storms, and wildfires – all of which can damage property or disrupt your supply chain. Financial crime, on the other hand, has become more insidious with advanced cyber warfare and state-sponsored hacking. Many of our clients are viewing old claims issues in a whole new light.

Here at Marsh, we can help you with claims related to:

• Property damage and business interruption.
• Complex industry sectors such as energy, construction, marine, and aviation.
• Financial crime and directors liability.
• Product recall.
• Cyberattacks.
• Worker injury and health.
• Private equity and credit risk.
• Auto/motor accidents.

That being said, we can handle uncommon claims with the same rigour and fast-acting claims management skill.

Although the exact process of successfully resolving a claim depends on the nature of the incident, businesses will typically need to:

• Analyze the magnitude and basis for the claim.
• Understand the options for remedying the situation while also addressing any compliance, commercial, and reputational risks.
• Implement a structured plan to oversee the claims process while communicating with stakeholders throughout.

By working with a specialist in claims management, business leaders can maximize speed and recovery, while reducing both the claim’s cost and potential impact on operations.

At Marsh, we understand the devastating consequences an unexpected incident can have on your people, operations, and business. We also understand the need for transparency, efficiency, and cost-effectiveness when it comes to resolving ongoing claims. Our global Claims Solutions team syncs with yours to navigate major disruption and advise on efficient claims resolution.

Risk engineering is instrumental to any business seeking to prevent losses or claims before they occur. From workplace rules and supply chain clauses to safety inspections, territorial analysis, and learning from past incidents, there are many changes you can make to reduce liability.

A consultant will work with you to identify vulnerable areas across your organization, helping you prepare before and after a claim arises by:

• Advising how to lower losses and loss adjustment expense costs by implementing best practices.
• Providing claims accounting support in the context of commutations, arbitrations, and litigation.
• Evaluating tail claims to assess how reasonable selected tail factors are.

By reviewing complex liability losses and your current claims and risk management processes, a consultant can create or refine communication pathways with insurers. This can soften the impact of future business interruptions and losses as we recommend risk mitigation plans, claims management protocols, and resolution strategies.

In essence, a claims advocate works on your behalf, representing your interests and can help make strong arguments for a beneficial resolution. Whether you’re filing or defending a claim, an advocate brings deep experience to the table. Trying to resolve a policy with an insurance company directly might leave you exposed to oversights or reams of paperwork, compromising outcomes.

A claims advocate will help you improve claims outcomes with your insurers by working with you to:

• Proactively advocate on your behalf to obtain a prompt and fair resolution.
• Provide clear and timely information on claims status.
• Assist your communications with insurers in complex cases.

Although some insurance claims can be prevented through a comprehensive risk management strategy, they still happen.

Our global Claims Solutions team will work with your business to simplify the process of filing, managing, and resolving your claims. By combining our market knowledge and data-driven approach, we'll develop a transparent resolution strategy to meet your claims challenges.