Insurers taking auto repair PPOs for a test drive
Article Abstract:
Automobile insurers are working towards emulating health care preferred provider networks to maintain their competitive edge. Under such a system, customers would select from a list of repair shops that had agreed on quality and price standards. Existing managed auto repair has proven to reduce insurance claims by about 7%-10%, or by about $25-$30 per policy. CCC Information Services has voiced support for the concept, provoking strong reactions from some repair shops.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1995
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Risk management works in residual markets
Article Abstract:
Insurers entering into residual markets need to pay special attention to risk management. The residual nature of these markets means that the insurer may not have the expertise to handle its own risk control, and should consider using outside specialists more familiar with the area to handle special claims. This saves drain on the full time staff, and expenses can be kept low by hiring the specialists using a performance based pay structure.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1995
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It may be time to revise the loss payable clause
Article Abstract:
Insurers should reconsider the policy language of its loss payable clause for automobile insurance. Open, simple or ordinary types of loss payable clauses can expose insurers to loss claims based on intentional destruction, conversion or secretion of a vehicle by an insured. However, standard or union clauses may provide additional protection by excluded fraudulent claims from the loss payable provisions.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1995
User Contributions:
Comment about this article or add new information about this topic:
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