The Problem
The risk management department of a highly fragmented organization with $8 Billion in urban real estate could not keep up with multiple claims being reported almost on a daily basis. This caused the client not to be paid promptly after a loss, created significant open claims reserves, and claims were closed for no payment by the carrier.
Solution
KMRD was hired to:
- Systematically review the files of outstanding property claims with a goal toward organizing them and importing them into a paperless filing system that was accessible via the internet utilizing KMRD Xchange.
- Re-open old claims that pierced the deductible and pursue / negotiate additional settlements from the carriers.
- Investigate and address internal property losses that fell below the company's $250,000 deductible, developing better information processes.
- Redesign the reporting forms and claims management workflows to cut down on the "back and forth" correspondence and increase the overall efficiency of the process.
Results
Over a period of 1 year, KMRD's involvement yielded the following:
Insurance Dollars
Retrieved From Carriers
| Collected Funds on 12 Claims Prior to KMRD Involvement |
$ 486,476
|
Funds Retrieved from Carriers Due in Large Part to KMRD's Involvement
|
$2,460,757 |
| Internal Property Claims Processed that Fell Below the Deductible |
$8,013,827 |
Total |
$10,961,060 |
| KMRD's Cost |
$111,217 |
| Return on Investment based on $2,460,757 of collected funds from carriers |
2,213% |
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Number of claims processed to closure: 140
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Reduction in staff expense incorporating new forms and work flows: 50% Savings
-
Organized claim files into a digital filing system accessible 24/7 via Internet—Disaster Recovery method established
To see how KMRD’s Claim Services can improve your company’s overall claims experience, contact us today at contactus@kmrdpartners.com
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