Five Musts For a Better Claims Management System

Posted on

April 10th, 2015


Claims reporting can happen whether something minor, like a fender bender, or something catastrophic, like a house fire, occurs. We’ve outlined some of the basic steps to go through when filing a claim.
I.            Assignment of claim:
After the claim is received, a professional will be assigned based on the type of claim it is.
II.            First contact:
Claim professionals will contact the victim to gather facts, assess the total loss, and evaluate coverage. They’ll then run through everything with the victim and identify ways to protect the property from further damage.
III.            Valuation and estimation:
A claim professional will check and document the damages to determine whether the loss is covered by the policy. Photos are sometimes taken, and if needed, witnesses are interviewed — after which the claim can be evaluated.
IV.            Declaration:
After reaching a resolution, the customer is either compensated for the loss or they’re denied payment because of lack of coverage.
V.            Shutdown the claim:
Once the claim is resolved under the terms of the policy, it is closed. However, it can be re-opened for investigation if any additional expenses are discovered.
To learn more about how Actec can assist your business in claims management, click here.