Global spotlight: How to embrace the post-pandemic era of settlements
To make matters worse, the inability to source a COVID-19 safe jury and adjust court processes to meet virtual demands has meant the wait for a jury ticket is ever-increasing.
Carriers can take back control of this process by engaging in strategic litigation and settlement processes, with our team of experts sharing their top tips.
1. Timing is everything
When claim resolution is delayed, extended, or poorly communicated to a claimant, the likelihood of litigation rapidly increases. This can lead to a complicated process before discussions can even begin, costly work, and a failure to actually solve a problem, but rather win or lose an argument. Early claim investigation is the cornerstone of successful litigation avoidance and often leads to better positioning, if and when a claim is filed. To avoid the hassle, it’s imperative carriers have a process in place to quickly assess and assign resourcing for lawsuits.
2. Balance the customer with commercial needs
The negotiation and settlement process remains one of the most customer-centric areas of our work as carriers and it’s important we see this trend as a moment in time to re-embrace this humanity of our business. Remaining commercially advantageous for both you and your client’s business will always be our bottom line, but in 2021’s economic recovery phase, carriers should consider a mix of offensive and defensive actions to reach the best outcomes. At the negotiating table, make sure your team has set their strategy straight on how they will best collaborate with the claimant to reach an optimal outcome. This could look like behavior setting through forthright discussions, outlining clear commitments for both parties, and working to find a mutually beneficial agreement. Bringing both offensive and defensive actions to the table will be the golden ticket to an advantageous, but fair, outcome. In fact, carriers may see improved profitability and greater outcomes by embracing a more empathetic, human-centric approach to negotiations.
3. Remaining agile
While we may all be a bit tired of hearing that all-encompassing buzzword ‘agile’, it’s a concept we must all accept as the rapid adoption of digital communication changed our industry. Bringing creativity back into the claims process will be key to remaining agile. Consider how you could offer tangible solutions to claimants beyond just monetary means, and treat no two claims the same. We no longer need to play by the old rules, and can find solutions that pave a stronger path forward for both claimants and carriers.
To learn more about how we can help you remain agile to changing settlement trends, connect with our team of experts.
You might also be interested in:
Why telehealth is here to stay7 May 2021
Jon Stambaugh, Senior Vice President – Carrier Practice North America, and Jennifer Cogbill, Vice President of GBCare Advisor Team N...
How to effectively accelerate the claims lifecycle7 May 2021
Through partnering these two factors, insurers can accelerate the claims lifecycle and see a return on their investment.