Insurance Practice for the Millennium

Download or read book Insurance Practice for the Millennium written by Joseph P. Petitta and published by Xlibris Corporation. This book was released on 2001-04 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether as an insurance consultant or a witness on the stand in a civil trial, I rely to a great extent on my 27-year career in the property and casualty industry. More importantly, the variety of experiences encountered during those 27 years, in various positions and levels of responsibility, provided a unique perspective on the extent to which attorneys and claim representatives/adjusters effectively carry out their respective obligations to their clients and customers. Successful organizations are those that are characterized by an ongoing search for a better way to conduct the business in which they are engaged. A "better way" does not come about by chance. The failure to constantly assess the changing factors in the environment in which they conduct their business will surely lead to stagnation, minimal success rates and even worse - failure! Having served in a wide variety of capacities in the property and casualty claim arena, I've been in a position to observe the effect that rapidly changing factors have had in this business environment. It has been increasingly difficult for attorneys and adjusters to find that common ground necessary to bring about time-efficient and mutually agreeable resolutions of their cases. The adjuster you interacted and negotiated with five, ten or fifteen years ago is not the same adjuster you deal with today. Their training and the technical resources at their disposal today make them a more formidable adversary. On the other hand, insurance companies expect a great deal more from these individuals as a result of the investment the companies have made in these training and technical resources. The companies appear to be operating from a perspective that these new resources they have provided to their claim staffs should allow them to be more efficient, i.e. handle more cases more expeditiously. The reality is that despite these advances in the resources at the adjuster's disposal, they must still operate in a one-on-one adversarial, give and take setting in order to successfully resolve their cases. By way of first hand observations throughout my career and the feedback received from numerous attorneys in the plaintiffs' bar, it is becoming exceeding more difficult to interact and amicably resolve their cases with today's claim staff. What I hope to achieve in this writing is to give you a better insight into today's claims adjuster, to include the nature and extent of their training, the new technical resources available to them, how they are evaluated, how their cases are evaluated today, and a number of suggestions as to how to achieve a win-win resolution of your clients' cases. You will also be taken on an insider's tour of today's claim organization and structure and the unique world of insurance company financials. Today's difficult claim/legal environment came about as a result of the failure of both camps to understand and keep pace with the rapid rate of change that has occurred. Take this opportunity to analyze the inner workings of today's claim organization from a new perspective. Leverage some or all of these concepts to enhance your effectiveness. Ask yourself if there is indeed a "better way".