Claim Management Process: Overcoming Challenges
A lot of people feel intimidated due to the challenges that we face when we try the claim management process, not knowing the claim management system is one of them.
Insurance claims management is a collective term for people or companies that handle any kind of damage. They are responsible for determining which party is liable for the damage, the amount of the claim and engaging a loss adjuster if necessary, paying the claim to the insured party, and recovering losses from the liable third parties (if applicable).
There are a few people who know the process of claim management works and don’t know the inner workings of the insurance claim management system so we are here to show you how to overcome challenges in the claims management process, including commercial insurance claims management.
Kinds of Claim Managements
Before you could process your claim, you have to know what kind of claim you are making. There are two types of claims in claim management
- Own Claims
This is the implementation of their own claim towards third parties.
- Third-Party Claims
While, third party claims, on the other hand, are the prevention of third-party claims towards your own company.
The Process of Claim Management
- Analyze Coverage
- The insurance claims management will review the provisions and exclusions of your policy.
- Assist you in understanding all of the requirements needed of your policy
- Explain how they will analyze your policy so that you understand why it is related to your loss
- They will help you maximize your financial recovery and develop a proactive personalized strategy to handle your claim.
- Assist Immediate Needs
After they analyze your coverage they will be assisting you with your immediate needs, this includes:
- Request the insurance company to release advanced funds
- Helping you find temporary accommodations for you and your family, or business, whichever is related to your certain loss.
- For the business owners, they will organize and prepare a business continuity plan and work with you to facilitate continuous operations in a timely manner
- For the homeowners, they will be organizing and preparing a complete list of your additional living expenses and work with you in order to reimburse them.
- Prepare a Damage Estimate
Now we are on the third step, two more to go. Once all of those are done, the management is going to be preparing the estimated cost of all of the damages.
- They would be providing a detailed review of all the damages, documenting all of the damages to all the areas to your property that were damaged.
- They will also provide a line-item estimate, calculate the quantities, unit cost, and total cost to cover your overall loss.
- They will also prepare and submit all of the things that were mentioned to the insurance company using industry-standard forms which enhances a prompt and accurate response to your claim.
- Helps Negotiate Settlements
With claiming your insurance, there are going to be a lot of settlements and negotiations with your insurance company that are bound to happen.
- They attend all your meetings with the adjuster(s) for you, reporting all the details and action items on a regular basis.
- Insurance claims management could communicate all the settlement that the insurance companies are being offered to you and they could also recommend whether to accept the said offer or negotiate further.
- Manage any insurance claim problems and challenges
- The commercial insurance claims management could also accept the settlement offers, only after you review and consent to them of course.
- Settle Claim Successfully!
Once everything is finished, you would be able to claim your insurance successfully!
- You would be able to obtain all that is rightfully due to you.
- All your claims and concerns would be resolved as quickly as possible.
- Your insurance claims management could help you return to your normal lifestyle as usual.
We know that claiming your insurance could be confusing, draining, and takes long, with all of the processes you have to go through and the papers you need to pass, but you don’t have to do it alone, don’t be afraid to ask for help! There is a lot of insurance claims management and commercial insurance claims management out there that are willing to run you through the process to help you get your insurance and insure of your need and happiness!
