Capital locked-up in unnecessary reserves is a drag on insurers’ performance and a burden on claims management. Hundreds of millions of pounds are tied up in unnecessary reserves in the London market that could be put to work. Our Static Claims Management Service releases this capital by reviewing all claims which have not been updated for long periods. Since 2011 we have released over £1 billion of static reserves on behalf of Lloyd’s Syndicates.
Provided as an elective service, we offer our clients the option to choose which claims they want us to review. Many insurers use our service for claims which have not been updated for 12 months or more and are formally categorised as static. Others use our service far earlier in the cycle to keep their reserves accurate and capital available.
Our static claims service increases efficiency by releasing claims adjusters’ time, enabling them to concentrate on settling complex and high value claims.
Static claims management is one of a range of services offered by Charles Taylor to make our client’s operations run like clockwork.
How it works
- We agree which claims to review. This could be static claims over 12 months old or pre-static claims which have not been updated for 6 or 9 months
- We allocate a dedicated manager and support team to manage each client’s static claims
- We work with our clients to set the definition of the claims to be reviewed. All others will be referred to the Leader for instructions
- All ‘in scope’ claims are loaded onto TRAX, our claims management system
- We review all claims, requesting updates from the broker when necessary
- Overstated and redundant reserves are released through XCS
- We provide an overview of the status of all claims and our performance through clear online dashboards which can be tailored to individual requirements
- We hold regular meetings with our client’s claims team to discuss claims and review performance