Wed. May 31st, 2023

The auto insurance industry believe it or not today is plagued by certain monetary depression, due to lack of expertise and management issues. Auto insurance claims management services though seems to be an easy process from the outset, but has many complexities that needs to be legitimately handled by dedicated partnering insurance firms to boost your company’s productivity ratings.

When an insured individual reports an accident with the insurance company, there are some very important things you should do at the accident site to the extent you can. If the claim is simple, meaning the fault is not an issue, the damage was marginal and little or no medical treatment was necessary, the adjuster may have need to get an estimate for repairs and then send insured the a check.

You will have to fill out some paperwork, but you may not have to meet with the adjuster in person. If the claim is more complicated such as, liability is unclear, you do not have enough coverage in your policy, or you do not agree with your adjuster’s settlement offer), then the negotiation process will take longer.

Investigating an Automobile Accident for Claims Reimbursement

In relatively complicated auto claim, insurance adjusters typically must do some investigation in order to adequately assess the insurance company’s liability. The next undertaking for the adjuster will be to comb through the policy and possibly contact witnesses to the accident, and the other involved party to the accident, look at the police report if there is one, take photographs of the damages and scene of the accident.

Once this is done with, the next step is to generally investigate the medical expenses by sending out requests to the medical providers for data regarding the treatment. If the insured is seeking to have medical bills covered, the adjuster must send you a medical authorization form for the release of your medical records.

Settlement Offer wanted by the Insured

One of the most important steps in claims processing is presenting a settlement offer to the insured. Once the claim handler has examined the claim and looked at the policy, he/she will typically send a settlement offer. This settlement offer will tell the claimant what the insurance company is willing to pay on the claim.

This payment could be in full, it could be part, and it could be none as well. A point to remember here is that the opening offer is typically on the lower side. After all, the claim manager’s job is to save his or her employer money. But the manager also wants to close a case and thus is typically allowed a settlement ratio that offers room for negotiation.

The auto insurance industry is one of the major players in the US financial sector. Claims pour in daily, making the insurers go haywire with the auto insurance claims processing, leading to incorrect payments, fraudulent claims and negative bottom-line at the end of each month. Aligning to the services of a partnering insurance service provider who has the know-hows and expertise in resolving complicated claims bottlenecks and underwriting will heed a long way in profitability and productivity.