What are the steps in processing a successful insurance claim? What stages are involved? And what should be the first step?
Everyone hopes for the good but sometimes the bad happens. Say you’ve just had a loss. What are you going to do next to make an insurance claim?
Losses are painful and tiring but you should have a class way to recovery. Below are 5 steps to getting a successful claim.
1. Know the Priority of the Claim
It’s important for everyone to know what’s important the most when you have a loss. Whether it’s the amount to recover, cash flow, speed settlement, or a flawless process, or everything inclusive, this priority should be discussed by the executives, risk managers, and other key personnel to ensure that every detail is considered.
2. Depend on a Team of Independent Accountants
Don’t rely on the insurer’s forensic accountant’s calculations as the measure of your losses, rather choose a team from an independent loss accounting firm.
Insurance companies are out to make a profit and they take their profits seriously but an independent loss accounting firm will not only provide you with an accurate loss valuation, they will also help you guide the claim to meet your goals.
3. Come Out with a Strategy for Your Claim
It is important to develop an effective strategy to get the best results from your insurance claim. Since the claim process involves many activities that are tasking and burdensome to your team.
Don’t relax thinking that your carrier will do things to your favor because many times they don’t. Rather involve your experts to map out a strategy from the onset. The strategy should incorporate your priorities and the steps to achieving them.
It should also involve analyzing the possible adjustments and the ways to overcome them.
4. Persist in the Insurance Claim
It’s the job insurer’s team to manage the claim not a primary job of everyone that’s why you have to give adequate attention to your claim and see to it that your team is not distracted by other agendas on their plates. Be patient and persist because claim takes time.
To keep the claim on the go, map out a timetable that settles each step to achieving your goal. It should include requests for information, responses and feedback, interim claim filings and audit results, periodic meetings, and requested settlement date.
If you are using a loss accounting firm that specializes in preparing claims for policyholders, the firm will help to ensure your claim gets the appropriate attention. the firm will also hold the insurer’s team accountable to the timetable you mapped out.
5. Map Out a Logical Claim
Your team should put the claims together as one, though this is the job of your insurer, you won’t take chances. Ensure that your accounting firm is involved in this filing.
Now, this is only halfway to recovering your loss. There is no certain process to the other steps. Just ensure you have the right team for better negotiation.