Q:

What is a claims management company?

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Quick Answer

A claims management company is a service entity that handles claims on behalf of insurance companies, reinsurance firms, Llyod’s syndicates and underwriting firms, according to Randall & Quilter. Randall & Quilter Investment Holdings Ltd. is a claims management company that has clients in the United States and Europe.

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Full Answer

Claims management companies handle claims for insurance companies acting alone or as part of an entire subscription market. They must manage a broad range of claims functions, such as providing comprehensive reviews of coverage policies, facilitating the accurate and timely settlement of all valid claims, and establishing proper claims reserves to ensure that clients settle claims in an efficient manner. Claims management companies also determine and pursue the appropriate claims strategies on behalf of their customers, as stated by Randall & Quilter.

Other responsibilities of claims companies may iinclude managing claims disputes on behalf of the companies they represent and offering viable resolution options. Claims management companies conduct a thorough clean up of claims reserves by identifying and removing all the redundant portfolios and static claims from their client’s claims reserves. Claims management companies also conduct services aimed at reducing the legacy liabilities of their customers, as noted by Randall & Quilter.

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