Workers Comp Claims Review Experts Can Be Hard To Find
Choosing a great Workers Comp claims review expert is some of the best strategically invested money in a company’s budget. The main things to look for in your search are:
- Designations – such as AIC, ARM, CPCU, etc. Our next post will cover some of the designations. These designations are granted after a candidate passes national exams for a certain number of courses.
- Years of Experience – while this is a great indicator, we have performed review work after a so-called very experienced claims consultant that did not review the files very well.
- From One of the Big Companies – this is not an indicator of the level of service you will receive as it is down to the individual claims consultants in the companies that will service your account.
- Experience in a Certain State – this is not a big factor as one might believe. The main thing to remember is a claims consultant that has multi-state experience shows adaptability to different state systems.
- Prior Claims Adjusting Experience – there are some claims consultant companies that have no or few employees with actual claims adjusting experience.
- Statistical Backgrounds – this is critical for file by file reviews and is important for finding trends in the claims reserving
- No Conflicts of Interest – any person that may make a commission off your Work Comp policy may not be able to give an uninfluenced opinion.
I did not put these in any order of importance. Each file review is unto itself. The best of both worlds is to have a reserve/claims expert company that also reviews the premium calculations. A shameless plug – we are one of the few companies in existence that do both.
Up Next – Designations – What are they??
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