Our Managed Service was the core product upon which our business was established and although we have successfully diversified into provision of software solutions, it remains key to what we do. In fact, our Managed Services have developed significantly over the years and we now offer insurers a variety of products that are uniquely flexible in terms of ‘how, when and why’ they would choose to use them.
The flexibility of being able to opt for an insource or outsource strategy is something that our customers truly value, particularly when there are fluctuations in their incoming volumes or internal resource. Thanks to verify™, the process is incredibly simple and claims can be easily outsourced to a handler via our portal in a keystroke.
We provide insurers with the following Managed Service options;
Post-room and Data Extraction
We can receive claims direct from the market on the insurers behalf. This removes the need for double-handling, as the claims data is put directly onto the verify™ file by our handlers, leaving the insurer to decide whether it wants to deal with the claim internally, or outsource it to us.
Live Claim Management
If an insurer decides to outsource the claim to us there a variety of stage options and deciding on which is the most effective depends largely on the insurer’s own operating model. It’s often the case that insurers appoint us to receive the claim at FNoL stage, which enables us to closely monitor its management by the third party and reduce the risk of leakage.
Invoice Analysis, Negotiation & Settlement
One alternative for insurers is that they can send us the claim on receipt of invoice demand. Our Managed Service teams review, analyze, negotiate & settle thousands of claims in this way every year and will always aim to settle claims fairly and objectively, either in accordance with accepted protocols or common law. Our primary objective is to settle claims cost effectively on behalf of our customers and we will always aim to achieve this at pre-litigation stage, however where litigation is unavoidable insurers can rely on our unparalleled subject-specific experience in support of their defence strategy.
This service extends to credit hire & repair, protocol management, bi-lateral agreements and recoveries & subrogated liability management.
Credit hire Arbitration
The expense involved with credit hire litigation has long been a topic of concern for insurers and CHOs. As a cost-effective alternative Verisk offers an arbitration service, which is undertaken by qualified legal specialists. This is available to subscribers as a standalone product or via the escalation functionality incorporated within verify™.
Liability is the cornerstone of any claim, so it is vital that it is resolved quickly and fairly. Agreement is of course likely on most claims, however there is no denying that some remain firmly in dispute regardless of the amount of effort put in to resolving them. Verisk offers a bespoke Liability Arbitration service that assists parties in reaching a fair outcome as quickly as possible. This is available to subscribers either as a standalone product or via the escalation functionality incorporated within verify™, whereby independent panel arbitrators have instant access to liability notes and documents upon which they are able to make their binding adjudication.
Claims Investigation Services
Fraud is an ongoing an ever-increasing problem. The methods fraudsters apply are characterized by their ability to exploit operational flaws in the entity being targeted, regardless of its size or status. For many years Verisk has successfully applied its unique data resources to help the industry combat fraudulent activity and has been the prime mover in many successful criminal fraud investigations. Our Claims Investigation Unit has established a strong reputation for providing standalone investigation services to most of the UK’s leading motor insurers, resulting in the rebuttal of claims worth many millions of pounds.