Claims management is vital in successful captives

Monitoring and adapting claims processes as captives evolve and regulations change are crucial, as stressed by a panel of claims experts at the ongoing Vermont Captive Insurance Association (VCIA) annual conference. The discussion highlighted the critical role of claims management.

Moderated by Clare Bello, Vice President and Division Leader at VCM, a CCMSI Division, the panel also included Dusty Otwell, Chief Operating Officer of Clinician Assurance, and William Halligan from Agri Services Agency.

The panel highlighted the need for ongoing claims management vigilance, establishing dedicated teams with access to claims monitoring technology to generate regular reports. Acknowledging the evolving nature of claims management, especially in light of COVID-related court closures and case backlogs, they stressed its constant evolution.

Effective communication was emphasised, ensuring comprehensive disclosure and information dissemination. The panel underscored the significance of cost control, noting that cost management doesn't necessarily equate to cost reduction; it might entail strategic investments to minimise indemnity payments. Early investments in care during the onset of a workers’ compensation claim were noted to lead to shorter claim durations.

The panel advocated for building an internal claim audit process, comparing historical claims experiences with current processes to ascertain future viability. If existing processes no longer suffice, a new claims process becomes imperative.