Processing marine claims can turn out to be problematic. No matter how hard you try to stay on top of things: making sure you file your client’s claim timely to prevent it from being time-barred, providing sufficient evidence while helping them mitigate damages…
A never-ending process that can cause you many a headache.
But here’s some good news: you may leave your claims management in someone else’s capable hands. Third-Party Administrators (TPAs) come to your rescue so you can provide your customer with customised claims handling solutions.
Let’s look into the services TPAs deliver, and find out how they can become the key to improving your insurance claims management.
First Notice of Loss (FNOL)
When your insured’s asset suffers a loss or damage, it’s a nerve-racking situation. In this scenario, how you deal with the first step in the claims process, the FNOL, is crucial.
If you manage to avoid any waiting time or convoluted bureaucracy when your client reports the event, your notification process will speak volumes about how efficient your claims customer service is. Which, in turn, will lead to increasing their satisfaction and loyalty.
Not only that, but notifying the FNOL sooner rather than later often results in rapid claims approval.
Legal protection
When you feel like you’re drowning in a sea of legalese, resorting to legal advisory services may well be your lifeline. As an insurer, you may find yourself:
- Negotiating a very complex contract.
- Treading into a new field, such as insurance for the offshore industry, and needing a policy review.
- Litigating against a third party at fault.
- Seeking alternative dispute resolutions mechanisms, such as arbitration or mediation.
- Mitigating sanctions risk
It’s all well and good. But you aren’t necessarily a legal expert, and you may struggle with insurance wordings in different countries or with regulations updates.
Which is why receiving ongoing legal consultancy throughout the claims process will give your claims management a competitive edge.
Claims analysis
It’s only natural that you’d want to know what your chances are of reaching a successful settlement. And that’s what claims analysis is for.
Wondering how it works?
- The cause and extent of the claim are analysed.
- Likely future scenarios, such as recovery and salvage, are envisaged.
- Different options to remedy the situation are weighed, both from a technical and legal point of view.
In a nutshell, claims analysis is a strategic claims solution that helps you decide on the best course of action.
Survey coordination
You can’t be everywhere. That’s why being able to rely on a global claim services network will put your mind at ease when something goes awry.
Hiring a professional marine surveyor means having a trained eye on site. Well, and this will come in handy not only when a claim happens, but also when you need:
- A refrigerated cargo survey to certify that the cargo packaging followed health and safety regulations.
- A container survey to verify whether the container is suitable to carry and transport your consignment on the rough seas.
- A draft survey so the cargo receiver is certain that the amount that gets to them matches what was agreed with the shipper.
The outcome of the surveyor’s objective inspection is a survey report, which will serve as evidence to support your insured’s claim.
Loss adjustment
When a claim comes to a “my-word-against-yours” situation, who will ultimately have the upper hand? Those who rely on independent claims specialists, such as a loss adjuster.
A loss adjuster is there to assist you in the fair settlement of claims. As your representative, their job is to:
- Investigate the causes of the loss.
- Ascertain whether it will be covered by the policy.
- Determine the amount covered.
- Set the salvage value of the damaged remains
In practical terms, they’ll help you figure out how much of your insured’s claim can be legitimately made.
Recovery
You know all too well that claims represent your company’s biggest expense. And the key to preventing this revenue loss is to pursue your recoveries effectively.
By hiring an independent professional to handle this area, you’ll forget about the tedious process of claiming against at-fault third parties. Your TPA service will lodge a claim on your behalf and push until an offer for settlement is made. If necessary, they won’t shy away from starting legal proceedings to get you what’s yours.
All in all, outsourcing this claims solution service will save you precious time and money.
Claim mitigation and salvage
When your insured reports a loss, it’s a priority to reduce the extent of damage to a cargo or a vessel. You need to act swiftly. But, from where you are, you may not be able to:
- Arrange for towage.
- Look for storage options.
- Determine the extent of damage and sort goods to prevent it from increasing.
- Decide on the best salvage option.
You need a third party that provides you with a quality claims solution. There and then.
Now, here’s some food for thought: are you able to accompany your insured throughout the claim life cycle? From the time you get the first alert to when settlement is made?
If you aren’t, don’t shy away from outsourcing that specific process where you don’t excel. Working with independent professionals allows you to improve your customer experience, accelerate settlement and reduce indemnity spend. You have nothing to lose and everything to win.
Check out our TPA services to find out how we help you provide customised claims solutions to your clients.
