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In Summary – Claims Teams Should Partner with Legal to Get Ahead of Ballooning Costs

Current legal trends cast a shadow over claims management, but partnership between claims and legal could be the necessary light in the darkness.

Below is a summary. Additional details are outlined in the full article, written and published by Risk & Insurance. Read Full Article

While legal and claim have traditionally been kept separate, bringing legal into the conversation well before a claim has the chance to be litigated is just good risk management, especially when some of today’s biggest legal trends are driving up claim costs.

Key Takeaways:

Internal Coordination | “Most organizations are not having their legal team fully review insurance policies,” said Andres Franzetti, cofounder and CEO, Risk Cooperative, which can lead to problems if there is a dispute. Additionally, when legal engages with the policies to maximize coverage, they can also collaborate to ensure the organization doesn’t run afoul of policy restrictions.

Communication & Collaboration | In addition to hiring great problem solvers to your claims team, and insurance experts on your legal team, maintaining a litigation strategy will help unite both teams in working toward the best possible outcome. “Being proactive and bringing legal in earlier in the process to …potentially start containing and mitigating some of the claim damage,” Franzetti said.

Mutual Respect | Neither claims nor legal should restrict information from the other; mutual respect for each others’ expertise and is the foundation for collaborative work. “When the legal team is part of the risk committee, we’ve seen the best outcomes in terms of risk management and claims resolution,” including, Franzetti continued, “a more efficient, quicker and more pleasant claims resolution experience.”

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