Traditional notions of insurance are nearly extinct, and the brave new world of retained risk has given new meaning to the notion of self-insurance as commercial consumers become the majority, and often exclusive, stakeholders in the financial outcome of claim exposures. One might argue that, except in the case of a catastrophic loss, true insurance in the commercial arena no longer exists as today’s consumers find themselves facing a much greater risk of loss through increased self-insured retentions and deductibles.

Consequently, it should come as no surprise that risk managers are demanding higher quality, comprehensive claim management vs. low-cost administration. The challenge facing them is where to find it and how to recognize it. A simple and effective method for identifying “best in class” claim practice does exist, though.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.