Claims Closure

Service Overview

Individual claims and books of workers' compensation and casualty business allowed to languish without a game plan for resolution can end up costing corporations and insurers significant dollars in extra indemnity and expense payments. With a proven workflow and process, the Claims Auditing Services practice has successfully worked with clients to decrease file volumes and case reserves, thus lowering IBNR and significantly reducing the amount of collateral required. This results in the release of cash for other investments or bottom-line results.

Services Performed

Review, analysis and creation of a client strategy
Independent claim reviews by experienced auditors
Once approved, AG interfaces with client TPA and creates a timely tracking and reporting schedule
Regular meetings and monthly status reports created include statistics around claims closed and reserve takedowns.
Action plan detailing closure strategy for each individual claim.

Additional materials

Learn more about our services and how they can help your business.

Download PDF

Sample Engagements

Review of Open Files for International Property & Casualty Carrier

Retained by an international property and casualty carrier to conduct a thorough review of its open files, AG determined that over 30% of the files could be closed. These findings resulted in related reserve reductions of $9,800,000. In addition, the audit identified multiple files requiring immediate attention due to unrecognized coverage or litigation issues.

Reserve Decrease Identified After Thorough Review of Property Claims

We were asked to review a book of property claims with total reserves of approximately $500,000,000 for a major domestic property and casualty carrier. Due to the proactive handling and recommendations of our team, the client was able to see a reserve decrease of approximately $75,000,000.