Legacy insurance claims can have a bigger impact on your insurance business and balance sheet than you may realise.
Covering a wide variety of scenarios, including personal accident and injury, property damage and casualty events, industrial illnesses and more - legacy claims can be a considerable drain upon your company’s resources.
Furthermore, it is estimated that around a third of legacy claims are in a settlement posture, but without a settlement strategy in place.
Which is why you should consider outsourcing your legacy claims to a third-party claims management firm.
Here at CCM, we have a storied history in the resolution of legacy claims. Our approach revolves around three core areas:
- Comprehensive claim assessment and due diligence. We take a deep-drive into the historical background of the portfolio and determine the true status of the claims within, assessing factors such as how accurately cases are reserved. We also use this opportunity to identify if there are any excessive costs related to the claims (e.g. medical treatments that are being covered by the policy but shouldn’t be). Our assessment process also involves grouping your legacy claims into distinct groups based on their risk:
- Low value claims
- Large loss claims
- Claims that have the potential to manifest into higher value claims
- Potentially fraudulent claims
- Create a resolution plan for the claim. Our plans outline clear actions including parameters for settlement, and who is accountable for ensuring the legacy claim is settled. We also consider various tactics that could lead to a successful resolution e.g. providing defined settlement offers as opposed to making vague enquiries about a policyholder’s preferred settlement
- A data-driven approach. CCM has extensive IT infrastructure and database management software that allows us to accurately monitor and track your legacy claims. This ensures we are able to continually spot opportunities to mitigate costs and resolve claims. It also allows us to retrieve and aggregate important data from legacy case management systems
Our experience spans a broad range of legacy claims classes including directors’ and officers’ liability, public liability, professional indemnity, employers’ liability, personal accident claims and more.
Work with CCM, and you’ll benefit from all the services you would expect from an in-house claims department - but with the nimbleness, innovation and specialist knowledge of an agency.
Industry expertise: at your service
The team at CCM understands that successfully handling many legacy claims requires an acute knowledge of the industries from which those claims originated.
Since our establishment in 1997, Condon Claims Management has successfully handled legacy claims from myriad industries, including (but not limited to):
- Maritime
- Cruise lines
- Yachts and marine leisure
- Ports, terminals and logistics
- Commercial fishing
- Energy
- Construction
- Insurance
This industry experience stems from handling legacy claims from across the globe, which adds a further dimension to our experience and expertise.
Your single-source claims handling service
Require support with more than just legacy claims? Then CCM can help.
We offer a comprehensive suite of claims management and related services. Discover more about these services by clicking the links below:
- Specialist claims handling
- Third-party administration
- Medical assistance
- Offshore personal injury
- Audits
Look beyond legacy claims with Condon Claims Management
If you want to shed the burden of legacy claims, then speak to the CCM team today. We are happy to provide a no-obligation consultation regarding your requirements.
