Claims pre-loss planning

You never know how watertight or effective your insurance policy is until you have to make a claim – by which time it could be too late to remedy any errors or omissions.

However, there is a great deal you can do in advance to smooth the progress of a future claim and ensure that your policy delivers when it matters.

Evaluation of loss before an incident occurs will help you ensure your insurance product is fit for purpose.

Our expertise springs directly from the experience we have gained in preparing, presenting, negotiating and resolving complex claims.

WHAT WE DO

Pre loss planning what we do
Pre loss planning what we do

We’ll put your policy to the test before the worst happens – and give you increased confidence that it will deliver when it matters most. Our services include:

Policy stress testing
This typically involves either reviewing a variety of loss scenarios based on a client’s own risk mapping exercises to understand the likely policy response or it can be a benchmarking of the existing policy wording against wordings within their industry sector or the general wider global insurance market.

Our analysis measures the anticipated policy response against clients’ expectations, identifies any potential gaps in cover, reviews policy sub-limits, indemnity periods, claims processes and protocols to smooth the claims process should a loss occur.

Business interruption review
We analyse your supply chain risk exposure and current insurance policy to identify gaps in insurance protection and any over or under-insurance.

This ensures that you select the right level of insurance and can prove an invaluable negotiating tool when you renew.

Claims settlement modelling
We develop agreements with your insurers on how to expedite a major claim in advance of a loss occurring. In this way we ensure that all parties agree to the claims process and insurance intent and that you can provide them with all the information they require.

Claims protocol
Developing an agreed claims protocol with your insurer can help to address the treatment of any potential contentious issues. Agreeing a code of conduct with the various stakeholders during the investigation of policy liability provides clarity on interim payments, agreed document bundles and a valued basis of settlement.

FAQs

The best claims outcomes involve a mix of pre-loss planning and post-loss claims expertise. Regarding pre-loss, we recommend that you develop some realistic loss scenarios, and work together with your insurance broker, claim advisers and insurer to stress test your coverage and the claim process insurers will go through. In terms of post-loss, make sure you have the specialist claims resources necessary to help optimise your settlement in place.

When faced with a real claim event, many unexpected circumstances outside of your control can arise which prolong the impact to your business. You should work through realistic claim scenarios with your broker and their claim consultants to stress test your business interruption coverage, and check your maximum indemnity period is sufficient for your risk. 

KEY STATS

2002 year Echelon was established3 weeks to secure interim payment on a large Caribbean hurricane lossconstruction owners and developers2 of the largest contingent business interruption claims settled

WHY ECHELON

Our multi-disciplined claims consultants have extensive knowledge and experience developed over many years managing large and complex losses across a broad range of industry sectors. 

The combination of insurance and specialist claims knowledge together with a specific understanding of industry sectors informs our analysis of policy wordings and loss scenarios to pave the way for successful claims settlement.

We know how to present it to settle your claim as swiftly as possible. And wherever appropriate, we challenge unnecessary claims procedures to ensure your interests – not the insurer’s – drive the settlement.

We will add value to your organisation by:

  • Ensuring you claim everything you should
  • Providing the knowledge and experience to put you on an equal footing with the insurer and their experts
  • Challenging unnecessary practices that may delay or prejudice settlement
  • Securing prompt stage payments to help manage your cash flow
  • Delivering your proper entitlement from your insurance policy
  • Speeding up the insurance claim settlement 
  • Preventing disputes and potentially costly resolution or litigation
  • Saving you time and cost in claim preparation.

CASE STUDY

Pre loss planning Case study

Gap analysis for power company

We were appointed by a power company to undertake a business impact review based upon a pre-determined loss scenario.

The client insured its revenue generating assets and wanted to understand what would be the business consequences arising from the loss of its head office facility.

We worked with the client’s risk and insurance team to brief business unit managers on the project and to identify and evaluate the financial impacts associated with this particular loss scenario.

A wide range of group functions were involved - such as IT, facilities management, HR and treasury - in evaluating time lines and costs associated with creating a replacement head office facility.

We reviewed the client’s assessments and performed a gap analysis between the estimated business impacts and the policy cover currently in place. Our analysis highlighted significant cost exposures that were uninsured. The client used our report to consider whether to transfer these risks to insurers or to reduce their exposure by implementing other risk management techniques.

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