Claim Audits Can Save Your Business From Excessive Payments
Claim auditing is the function of drilling down into the details of a claim file to determine if your claim professional is successfully protecting and mitigating your claim experience. Poerio & Walter, Inc., is nationwide in scope and is led by Bill Hiller, a claim audit professional with more than 30 years of audit and claims experience.
Whether a workers’ compensation experience modifier is elevated or payouts in other types of claims exceed your industry’s standard, claims not handled promptly, aggressively and thoroughly force your business to pay more in insurance premiums than your competitors. Excessive payments on general liability claims can adversely affect your way of doing business and reduce your overall profitability. A claim audit by Poerio & Walter, Inc., shows you are conducting the due diligence needed to ensure your company is properly protected and that your claim professionals are meeting or exceeding the best practices of claim handling.
Understanding Claim Audits
A claim audit begins with interviews of the key decision-makers and risk-management leaders of your business in order to learn the critical issues you confront with the claim process. We will review your loss history over previous years and identify the key drivers and agencies which may be adversely affecting the insurance claim. We will visit the site where your claims are being managed and determine if the claim professional assigned to your matter is abiding by your criteria for how you wish your claims to be handled.
In addition, we will help identify potential subrogation recoveries from third parties responsible for your loss. An aggressive plan to pursue subrogation can result in a return on your investment in the claim audit by many times the audit expense. The attorneys in the Poerio & Walter, Inc., are also available to assist you in asserting your subrogation claim.
Underwriting influences will affect the criteria, but our firm’s claim audit process will help you find an alternative that best fits your immediate and long-range plans for growing your business while minimizing the impediment to growth from claim handling issues.