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.

Innovations, Group insurance

---

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.

Methods, Risk management, Insurance claims adjustment

---

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.

Column, Prevention, Contracts, Insurance fraud

Similar abstracts:

• Abstracts: Disability reinsurers taking on a new role. The key to distribution: value. Blue-collar disability can mean green for you
• Abstracts: A.M. Best improves rating structure for 1992. NAIC embraces push for reform with accreditation plan review. NAIC holds first open budget meeting
• Abstracts: Insurers' premium growth narrowed to 3.7% in 1994. Industry 'weathers' cats, posts improved earnings. Underwriting losses increased 21.6% in 1994
• Abstracts: Common characteristics of uncommon success. Matching distribution systems to markets spells success. More than billboards and business cards
• Abstracts: Relaxing ... at the speed of light. Reinsurance broker's role expands to risk manager. Managing risk is key to brokers' survival

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.