If you were to ask a risk manager the reason they purchase insurance, the vast majority would say for protection, peace of mind and or claims handling. Thus insurance offers a service for its customers. That service is to handle and pay covered claims to which the insured becomes exposed, thereby reducing the financial liability for the insured.
In many insurance companies the claims department is not given its just recognition. The claims department is not normally viewed as a profit center, and therefore is tolerated as a necessary though unwanted expense.
Financial requests from claim department management are reduced, and the claims department is, in most cases, understaffed, with poorly paid adjusters.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
