JLT Specialty USA’s casualty team focuses on maximizing claims process efficiencies and reducing casualty claims costs.
We leverage our market-leading analytics tools to provide directional advice with respect to third-party administrator (TPA) optimization, claims, closure, and other cost containment programs. Some of our specific offerings include:
Operational assessments and claims process improvement – Our casualty claims experts review your organizational structure, TPA effectiveness, and overall claims process workflows – providing actionable outputs to improve processes and reduce costs. Leveraging our technical expertise and broad-based experience, we deliver a roadmap to success that is customized to your organization’s claims handling environment and volume.
Claims optimization and claim closure – Our team of specialists begins with a measurement of your organization’s claims performance and cost drivers – including state-level benchmarking to track rates associated with claim closure, litigation, reporting lag time, and lost time to medical-only case ratios.
Using this information, we develop a multi-year plan that is focused on disability management, medical and litigation management, and other major plan elements that are primary cost drivers. The process can also be used to reduce overall claim inventory, collateral requirements, and outstanding reserves to further drive cost savings. As improvements are made, JLT continues to monitor performance to ensure claim operations meet best practice standards.
Collateral reduction – Collateral requirements can at times be unnecessary or financially taxing. JLT helps reduce collateral requirements by analyzing your organization’s current open claims portfolio and determining if there is a way to 1) to reduce the overall reserves associated with specific claims or 2) close the claims altogether.
By driving reserve reduction and claims closure, our teams successfully renegotiate collateral requirements with government entities and insurance markets, resulting in significant balance sheet clean-up and reduction in overall collateral costs.
Claim audits and reviews – To ensure best practice standards are being upheld, JLT conducts periodic reviews of selected claims to understand the suitability of current reserve levels, the current status of claims, and how they can be better addressed; and any other notable issues arising from claims handling.
JLT’s team of specialists leverage their deep experience and industry knowledge to develop a practical assessment approach, delivering action plans that are not only achievable – but also improve overall processes.