Cell Captive Insurance isn’t as complicated as you may think. Nevertheless, it is often one of the least understood forms of alternative risk management strategies. One of the things most people join cell captive firms is due to wanting to have a more active role in the claims handling process. When you choose to go for a commercial insurance firm, this is a luxury your premiums simply cannot afford.
So given that you are interested in getting cell captive insurance for your business, what sort of things should you know about before the claims handling process begins? Join us and arm yourself with important knowledge that will help you out when it comes to the crunch.
How Captives Handle Claims (Differently)
Talisman Casualty claims management service providers handle claims a little differently than your average insurance claim against your firm. Here are some of the things you should know about captive insurance and how it operates.
1. Claims are Handled Faster
Commercial insurance firms tend to linger around the claims process. Whether it is through bureaucracy or whether it is because they don’t want to pay out – those firms are slow in handling claims. When you choose to run with a captive insurance firm, you can settle most claims within half the time it might take one of the larger organizations.
2. Claims are Settled Wherever Possible
In the majority of cases, claims will be settled as soon as it is possible to do so. The captive insurance providers will let you handle it every step of the way, with the focus being on settling out of court as quickly as can be. This keeps your reputation unimpeded and avoids an unnecessarily lengthy drag through the court system, or a long claims process.
3. Hire your Own Attorneys
When you go through a commercial insurer, you have no option but to deal with the staff they assign to you. Whether this means that you can only send those with a claim to specific medical facilities for treatments, or whether it means you are stuck with an attorney that they choose on your behalf – all of it is a symptom of a claims process that has gotten out of your control. When you choose cell captive insurance providers instead, you become a shareholder capable of finding your own policies, let alone hiring your own attorneys.
4. Avoid Frivolity
The commercial insurer that pays out for the more frivolous claims to make a problem disappear, is more likely to encourage repeated problem behavior from clients in the future. When you choose to go through Captive, you can pick and choose how claims are handled. This includes throwing frivolous claims out without consideration, therefore setting a better precedent for future trials.
5. Rewritten Terms
When you choose to go with a captive insurance provider, you will be able to operate your claims and policy in a way that meets the needs of your business. You can effectively tailor your cells, write your own claims process terms, and settle the best way that you see fit. If this doesn’t sound like insurance heaven, then we don’t know what does.
To summarize then, captive insurers handle claims with greater speed and efficiency than regular commercial insurers do. Making the switch is business savvy. What could you save?