Stalled Insurance Claims Settlement Negotiations – 3 Tips for Adjusters

/0 Comments/in , /by Karla Ellison

As many adjusters already know, the insurance claims settlement process can sometimes be a difficult endeavor. It doesn’t matter if you typically handle first or third party claims; you’ll inevitably have to work with difficult parties and when this happens the whole settlement process can come to a screeching halt.

Thankfully, there are a few things you can do to become a better negotiator. Next time you have a settlement stalled during negotiations, consider these three tips.

#1: Determine What Each Party Sees as a Desired Outcome

The first step in working through any negotiation is to understand what each party sees as a desired outcome. For example, an insured may want the amount of money they feel their totaled vehicle is worth, but your estimates are much lower. Perhaps a claimant might think that the time and annoyance of being involved in a crash is worth a greater sum than you are offering. No matter what the situation entails, take the time to see things from their point of view. Write down your thoughts and brainstorm a few reasons as to why the other party feels the way they do. Try and be empathetic when dealing with all involved parties.

From there, try and find an outcome that’s acceptable to the both of you. This doesn’t always have to be a compromise, but generally includes something solid that they will accept as a final agreement. You may even consider a few different options and have them choose.

#2: Look for Any Weakness in the Other Side’s Argument

The next way you can help move the insurance claims settlement process forward is by looking for any weakness in the other side’s argument. Once you’ve determined what their desired outcome and minimally acceptable outcomes are, but they still won’t budge, look for things within the case file that are contradictory to their overall argument.

Often, you can find this information within the files and information you already have, including any recorded statement transcription. You might discover a conflicting statement. Going through their consumer claims report can also supply valuable details. Sometimes though, it really does take some digging to find weaknesses.

Don’t forget to check social media accounts. A claimant might be insisting they can’t go to work because of their injury. However, you happen to pull up their public social media account and find out they spent last weekend skydiving. This is a major weakness in their argument and could help speed up the insurance claims settlement process.

#3: Tackle the Big Stuff First

Another way adjusters can make insurance claims settlement negotiation stalls move is by tackling the most important things first. Many adjusters make their biggest mistake in this process by thinking they can start with the insignificant details first and ramp up to the larger stuff. This is a problem because—if there is going to be an issue in settlement— it gets everyone worked up over the minor things before getting to the items that both sides really care about.

Instead, decide whether you and the other party are in agreement for some of the larger items, such as a substantial medical payment or property damage bill. From there, let the other side know that you at least agree on the larger stuff and leverage that as a way to encourage settlement on the smaller items.

What if you’ve done the three above mentioned steps, but still can’t come to an agreement? It’s important to remember that sometimes a claim settlement just won’t happen due to a variety of different reasons. This is totally normal, and a big reason behind why there is an arbitration process. Keep working at it and if you can’t come to an agreement with the other party, follow the guidelines your department typically advises for stalled files.

Tips for Explaining the Insurance Claims Process to Your Insured

/1 Comment/in , /by Karla Ellison

As a claims adjuster, you already know that part of the process in handling a file is making sure your policyholder fully understands what is happening and how to proceed. However, sometimes the way you go about having this conversation can set the tone early for a good overall experience.

Here are six tips for making the insurance claims process positive for your insured.

Tip #1: Detail Policy Coverage Before Talking About Liability

Although many insurers already recommend doing so as part of their standard claims process, it is important for adjusters to detail policy coverage prior to discussing a liability decision with the insured. The reasoning behind this is that sometimes a liability decision can cause an emotional reaction, such as anger or angst.

Chances are a policyholder is less likely to stay focused and listen clearly when you are describing their options if they are upset, which often causes confusion later on as the claim progresses. Make sure they know exactly what their policy includes and their options for using coverage or going through adverse carrier, if applicable.

Tip #2: Explain the Liability Decision in a Clear Manner

Another tip for explaining the claims process to your insured is detailing the liability decision in a clear manner using facts of the loss. If no liability decision has been made, explain the reasoning why. (For example, you need to speak to the other driver, passengers, or witnesses before proceeding.) Often, this explanation will help the insured feel as though the process is moving forward versus a general answer that you are still investigating.

Tip #3: Provide Information on the Next Steps for the Insured

Adjusters can also help ensure the claims process goes smoothly by providing a roadmap of sorts as to what steps the insured should take. This can include meeting with an auto damage adjuster, going to a body shop for an estimate, or even calling a tow truck if the vehicle is not drivable. Giving your client a loose outline of what comes next is a great way to ensure they have a positive experience with your firm.

Tip #4: Offer Insight to How the Company Will Handle the Claim with the Third Party

One more thing you can do to ensure your policyholder has a good experience with your claims department is by offering insight into how the company will handle the claim with the third party. For incidents where your insured is at fault, this usually includes mentioning that you will contact the other driver to get their repairs taken care of. In other circumstances, it might mean contacting adverse carrier on their behalf to help get a deductible back. Whatever situation applies to the particular claim you are working with, explain what will happen clearly.

Tip #: Try to Anticipate the Upcoming Needs of the Insured

Anticipating the upcoming needs of the insured is another way you can effectively make the insurance claims process a positive experience.

For example, you notice that there is rental car reimbursement on the policy. The insured mentions that she was on her way to pick up her five children from school when the accident occurred. Obviously, a family of that size wouldn’t fit in a standard rental, which would require a larger vehicle. Noticing details like this and working to solve them before they become a bigger issue is one way to really make sure your policyholder is taken care of when it counts the most.

Tip #6: Have Patience

This tip probably goes without saying, but we are including it anyway: have patience with your insured. Even though you know just about everything there is regarding auto claims, there’s a good chance he or she has never been in an accident and isn’t quite sure what to expect. Speak slowly and allow them to vent any frustrations they have appropriately without rushing along.

Bonus Tip: Take Care of Claimants, Too

As a bonus tip, remember that it is important to take good care of claimants, too. Why? Even though they don’t pay premiums, a claim is an ideal chance to try to earn their business. The way a file is handled and whether or not their experience with adjusters was positive is often a selling factor when it comes to how they decide which insurance company to ultimately utilize.

Avoiding Bad Faith Insurance Claims – 4 Tips

/0 Comments/in , /by Landra Lynn

If you’ve been in the claims field for any period of time, you’ve probably heard about bad faith insurance claims. These types of incidents usually stem from an insured misinterpreting an adjuster’s actions, but can be caused by other reasons, as well.

Cases of this nature are extremely detrimental to an insurer, both monetarily and to their reputation. For adjusters, being involved in or the cause of one can even cost you your job.

Here are a few tips for keeping a bad faith insurance claim from happening to your company.

 

What Are Bad Faith Insurance Claims?

In order to understand how to avoid a bad faith insurance claim, it is important to know what one actually entails.

According to the simplest explanation, the process involves a tort claim filed by a policyholder against their own insurance company due to the firm’s poor or negligent acts. Typically, lawsuits of this nature run several thousand dollars, but can easily top the million mark.

These allegations can range from something simple to something catastrophic depending on what occurred and how the insured responded to the incident. In most states, only a policyholder can file litigation. However, a few areas also offer third-party individuals the chance to file suit.

In short, bad faith claims are considered very serious and have the potential of being very costly for an insurance company.

 

Tip #1: Appropriately Respond to Policyholders

If there was a single reason as to why many insurers get hit with a bad faith claim, it would probably be for failing to respond to a policyholder in a timely fashion.

Adjusters should always try to keep the insured informed as to where the file stands by contacting them every so often. This includes during the investigative process. (The exact timeframe will depend greatly on the nature of the claim and your department’s guidelines on how often to try to make contact.)

Furthermore, it is crucial to return all phone calls and email correspondence as reasonably possible. Sometimes just the act of making a quick call to let them know that nothing has changed is enough to make the insured feel informed about the process. To ensure you are protected, always keep documentation of contact attempts with details on the time, day, what was said, or if a voicemail was left.

 

Tip #2: Investigate the Claim to the Fullest Extent

Another way to keep bad faith insurance claims from happening is by investigating each file you handle to the fullest extent possible.

Many bad faith claims have been lost in the past by insurers simply because an adjuster failed to completely investigate a situation before making a decision as to whether to deny the claim or not.

On an auto claim, all witnesses and passengers should always be interviewed if you have contact information and all possible avenues of explanation for the incident should be followed up. For a property claim, this could mean checking weather reports to determine if there was a storm in the area, ordering a police report for a theft, etc.

 

Tip #3: Avoid Bundling Sections of the Claim

One way many insurers have gotten burned is by an adjuster trying to bundle various sections of the claim. Essentially, this means only agreeing to settle the part of the claim that is reasonable and straightforward if the entire claim is settled as a whole.

While this can be a little tricky if your departmental guidelines suggest you do otherwise, your best bet for avoiding a bad faith insurance claim is to tread lightly. If it seems like the insured is on board for this fashion of settlement, talk with your supervisor or manager to see whether or not they feel it is appropriate to do so. However, this is one of those situations that has a potential to go wrong quickly, so it is always best to review carefully before negotiating in this manner.

 

Tip #4: Always Look Out for the Best Interest of Your Insured

It is also very important that you always look out for the best interest of your insured. After all, they pay premiums each month in exchange for having someone on their side in the event of an incident.

Be careful what you say to vendors, adverse carriers, or anyone else in regards to your policyholder. There are many instances where offhanded remarks by an adjuster have caused problems that ultimately led to a bad faith claim.

In addition to watching who you talk to, it is also important to be tactful during all conversations. Many past cases regarding a bad faith claims resulting from this sort of incident include those where an adjuster was insensitive to a grieving family by using hurtful or hostile language.

While many bad faith cases are simply a misunderstanding between a policyholder and their insurance company, there are many that are appropriate for the circumstance. Help protect your firm by always adhering to the above mentioned tips.

Is the Workers’ Compensation Claims Industry Seeing a Renaissance? 4 Facts to Know

/0 Comments/in /by Tyler Marshall

If you are employed in the workers’ compensation claims industry, now is the time to take note. The National Council for Compensation Insurance’s yearly market analysis report released at the end of 2015 offers some interesting insight into what is to come.

As of right now, available data from the past few years indicate that workers’ compensation claim payouts are currently stable in most regions. However, there is an overwhelming feeling of caution among claims insiders that this could change very rapidly over the next few years.

Why? The industry is going through a marked renaissance. Technology advances in how claims adjusters handle files, the amount of manpower needed to navigate highly technical claims, and even the type of treatments that claimants are seeking is changing at a rapid pace. Many states are also implementing regulations to make the process more cost-effective. These many changes have insurance companies bracing themselves for what’s to come.

Here are a few other issues to consider when to understand where the industry is headed.

#1: Affordable Care Act Affects Workers’ Compensation Claim Payouts

When talking about the state of the workers’ compensation claims industry, it is important to remember that healthcare billing always has an effect on claim payouts. With many aspects of medical industry costs changing in a post-Affordable Care Act environment, the reflection is bound to be seen in workers’ compensation claims payout statistics within the next few years. However, not enough time has passed to be able to evaluate the data, so many insurers are left guessing when it comes to accurately evaluate risk and charging policy premiums.

Takeaway – Not enough data exists to see how the ACA affects workers’ comp claims, but it is expected to figure into reports and claims handling practices in the next few years.

#2: Claimants Are Seeking More Expensive Alternative Treatments and Providers

Another reason why the work comp industry is changing rapidly is that claimants are more open to trying new treatments for their injuries versus standard care than in the past. This includes taking advantage of compounding pharmacies, which often charge higher prices than large pharmaceutical firms for similar medications. Many patients no longer trust these conglomerates with their health and choose local options instead, with personalized treatment that often comes with a heftier price tag for insurers.

Takeaway – As patients seek out alternative care option, the cost of claim payouts increases.

#3: New State Regulations Are Actually Stabilizing Payouts in Some Areas

New state regulations over the last few years can actually be credited for stabilizing claim payouts in some areas. The majority of jurisdictions who have either standardized rates for medical care when a workers’ compensation claim is involved or put cap limits in place have seen a difference, but it may not be enough. More data over the next few years needs to be compared in order to create a full picture. In addition, many states are adding new rules and policies all the time, so it could take some time before firm policy is really in place nationwide.

Takeaway – States are now creating more policies that limit medical bills and cap payouts of work comp claims, which could help stabilize payouts.

#4: Technology Exposures

Workers’ compensation insurers today are faced with one of the biggest complications they’ve ever seen before—data breaches. With so much claimant personal information contained within computer files, data security is of paramount importance for firms that handle these types of files. Furthermore, companies that outsource certain aspects of claims handling—such as workers’ compensation transcription—have to be extra careful who they do business with. This increasing need for extra protection is one cost that is definitely changing the face of the industry.

(Hint: Allegis Transcription takes data security very seriously. Learn more here.)

Takeaway – The cost of data security is rapidly becoming a cost factor for many workers’ compensation insurers.

To conclude, the workers’ compensation claims industry is at a good place for the moment, but an evolving atmosphere could lead to big changes in the next few years.

Insurance Adjuster Licensing Reciprocity – What You Need to Know

/0 Comments/in /by Tyler Marshall

As most claims personnel already know, having a current license to handle files in your state is essential to your employment. While the test to become a licensed adjuster can be somewhat brutal, it is passable with enough study time and tenacity.

But what do you do if you decide to move to another location or your firm takes on claims from another state? Here are a few things you need to know about insurance licensing reciprocity.

What is Licensing Reciprocity and Who is It Beneficial For?

The basis behind licensing reciprocity is simple—having an insurance claims license in one state helps you obtain one in a second state. The thought behind this is that if you’ve already taken the time to learn insurance regulation for one location, gone through the testing process, and passed, that you are likely to repeat the process in a new area.

This is primarily beneficial for those who move to a new area due to family reasons, find another job in a different state, or simply work for a large insurer who handle claims for a multitude of regions out of one central office.

Where You Live Matters

When it comes to reciprocal licensing, where you live matters more than where you hold an insurance license. This means that most state insurance departments differentiate between “home state” and other areas you hold licenses.

For example, if you live in Arizona and have a license to handle claims in this area, it is your home state. But if you also have a license in Oklahoma to handle claims, you are considered a non-resident adjuster in that area. If you want to move to another state, such as Texas, you would have to ensure that Texas had reciprocity with Arizona—not Oklahoma. (Hint: It does.)

Reciprocity Does Not Mean You Don’t Have to Apply or Follow Regulation

Another thing to know about reciprocal licensing is that it does not mean you don’t have to apply for a license. Rather, it allows you to bypass taking a pre-licensing course and/or exam. You will still be required to pass any pertinent background checks, fill out a questionnaire, and pay an annual fee. In some areas, you might also be required to be bonded for a certain amount. However, the time saved by not having to sit in a class or study course materials and the ability to refrain from having to take an exam is usually a positive aspect for most adjusters.

Some States Are Somewhat Better for Reciprocity

It’s true that some states are somewhat better for reciprocal licensing. The Department of Insurance in each state is ultimately responsible for determining which licenses they accept on a reciprocal basis, as not all states work together. This means that it is better to move to an area that offers reciprocity with a larger number of other states in order to ensure that your license is valid in the new location. It also requires you to double check who your current home state has reciprocity with before you try to make a license change.

Not All States Require Licensing and Not All States Are Reciprocal

It is also important to note that not all states require licensing and not all states are reciprocal. Colorado, Illinois, Iowa, Kansas, Maryland, Missouri, Nebraska, New Jersey, North Dakota, Ohio, Pennsylvania, South Dakota, Tennessee, Virginia, Wisconsin, and the District of Columbia do not require adjuster licensing. In addition, California, Hawaii, and New York do not offer reciprocal licensing for adjusters and require that you start the process from scratch after moving.

Reciprocal insurance licensing can be a great bonus when starting a job in a new area. However, it is important to not assume anything and instead determine your options by talking to the Department of Insurance in each location.

5 Ways Insurance Adjusters Can Utilize Claims Reports

/1 Comment/in /by Tyler Marshall

Insurance adjusters have a wide variety of tools available to them to make the process of settling claims an easy and smooth process. However, one of the most underutilized options are claims reports. But what are they and how can adjusters utilize this data?

What is a Claims Report?

In order to understand how you can utilize this information, it is important to first understand what it is. Typically, there are two types of reports adjusters use: CLUE reports and ISO reports.

Similar to a credit report you might order, a CLUE (Comprehensive Loss Underwriting Exchange) report is a document that features consumer claims information for the past seven years. Generally, the information is specific to personal auto and personal property losses associated with a particular individual. It does not contain any credit or financial information—only the details of the claim. The Lexis-Nexis group is responsible for gathering the information and compiling the report based on data from insurance carriers.

ISO Claims Services is a program run by Verisk Analytics. Similar to CLUE, the report contains detailed information about past claims that insurers can use to analyze risk and evaluate new situations. The biggest difference with an ISO report is that it provides much more data—including information on third parties who have received payments from insurers as part of claims in the past.

#1: Detecting Insurance Fraud Amongst Insureds and Claimants

Insurance fraud is usually easy to detect if you have a copy of an individual’s CLUE report or an ISO report. Why? The information gathered in this type of report includes any claims a person has had over the last seven years.

One telltale indicator of a fraud is seeing several claims on the report matching a similar description. For example, an insured may call in an incident where he or she is hit from behind and the other car flees the scene. They will then report the same scenario happening weeks, months, or even a year or two after the initial incident as a new claim—usually after the person has switched to a new insurance carrier. Injuries, care providers, and vehicle damage may even be identical in each situation.

In fact, many large insurance fraud rings across the country have been stopped thanks to claims adjusters who took the time to review an ISO or CLUE report before continuing on with a case.

#2: Finding Out About Existing Damage

As an insurance adjuster, another way you can utilize claims reports is to find out about any existing damage on a vehicle or property.

Often, a physical damage adjuster will notice something during their inspection that points to damage happening prior to the reported incident. In this circumstance, using an ISO or CLUE report to see if something was reported in the past is a good way to tell whether the damage is actually new or was incurred during a previous claim.

In some cases, adjusters are even able to see claims reports that happened before the insured purchased the vehicle or property. This is usually more common in terms of homes and other buildings than with automobiles, but these reports can indicate whether a vehicle has had significant comprehensive damage or been considered a total loss at any time in the past.

#3: Discovering More Information About a Third Party

Most insurance adjusters will encounter situations in their careers where a claimant or insured just won’t provide complete information or is incredibly difficult to get in touch with.

This is where utilizing claims reports can help. Often, if you have just a bit of information about a party, you can look up these specific reports to find out more information. In some cases, this can mean the difference between getting facts of a loss and not being able to discern anything at all.

#4: Catching Medical Claims Fraud

While we like to think that most medical practitioners are honest, statistics show that fraud is a big business amongst doctors and other healthcare providers. Another way that adjusters can utilize claims reports is by looking to see the types of payouts made to a particular medical practice in the past.

Why is this relevant? For certain practitioners that prey upon victims of car accidents or job related injuries, over charging for services or billing for treatments that never occurred is often common—costing insurers millions of dollars each year. If a claims adjuster notices a trend when he or she looks at a claims report, they can often spot this type of scheme and help put it to rest by contacting their special investigation unit (SIU), who then puts together a report for local authorities.

#5: To Help Underwriters Determine Risk

Another great way claims adjusters can utilize CLUE and ISO reports is to help the underwriting team effectively assess risk. If an insured appears to have much more going on than your company seems to know about—such as using a vehicle for business use on a regular basis or more claims than they initially let on when applying for coverage—forwarding the data to underwriting is a good way to make sure your firm is accurately rating for that policyholder’s individual risk.

While these two types of reports are both great tools to use while working on a claim, they aren’t the only think you should use if you need more information or simply feel there are multiple fraud indicators. Talk with your supervisor or claims manager to find out what other tools your department utilizes to make the claims process much smoother.

 

Starting the Year Off Right – Tips for Claims Adjusters to Implement in 2016

/0 Comments/in /by Tyler Marshall

Each year, millions of Americans set goals as the calendar changes to a new year. Are you one of them? Regardless if you’re trying to lose weight or give up a bad habit, there are many things you can do to ensure your work life over the next twelve months goes smoothly.

Here are a few tips that claims adjusters can use to start out 2016 right.

Tip #1: Take Inventory of Where Your Files Stand

Of all the things you can do at the start of the year, taking a solid inventory of where your case files stand is definitely an important one. While you probably already do this on a regular basis, taking a close look at the start of the year is a good way to see if there are any lingering files that simply require a few quick tasks to wrap up.

Review each one and jot down the next three things that need to be accomplished to take it to closure. Make a list of these tasks and start working on the easy ones, such as sending a letter or making a quick phone call. Repeat this process every few weeks throughout the year. You might be surprised how quickly the file closures happen by just taking this simple little step!

Tip #2: Put Together a Daily Routine

Another way to get your year started right is by putting together a daily routine. If possible, segment your day into different tasks to help keep things going as smoothly as possible. For example, maybe you decide to use an hour in the morning to answer emails or review files, and two hours in the afternoon to schedule recorded statements.

Of course, handling insurance claims files is never predictable for adjusters, so having flexibility in the schedule you choose is also important. If you have to change up things in a few weeks or months to accommodate what’s going on in your department, then that is perfectly fine. While it’s not always possible to stick to your new routine, it’s still healthy to have a general, predictable routine that you try for. It can definitely help break an overwhelming day up into something much more manageable.

Tip #3: Give Yourself Something to Look Forward To

The holidays are over and now it is time to get back to the grind. As claims adjusters, it is really easy to get caught up in the chaos of everyday file handling—contacting claimants, taking recorded statements, staring at a daunting caseload, or even just answering a phone that is ringing off the hook. At the start of the year, it is really important to give yourself something to look forward to. Maybe it’s as simple as rewarding yourself with a cup of your favorite java from the coffee shop around the corner, if you can just get through the next five subrogation demands. Perhaps it’s a few days off in the springtime to get out of the office and enjoy the weather. Everyone is different, do what works best for you. Make sure you set rewards for yourself throughout the year, as having something to look forward to is an excellent motivator.

Tip #4: Think About Where You Want Your Career to Go

Very few people decide in kindergarten that they want to be insurance claims adjusters. Usually, it is a job that you get into one way or another that doesn’t have to do with initial career aspirations—and that is totally okay. It’s a great career. But, now that you’re here, be thoughtful about what you’d like to achieve in your role. You have a multitude of different options to consider as you work your way up the ladder.

The beginning of the year is a good time to think about where you want your job as a claims adjuster to go. Are you hoping to rise into management? Or do you simply want to make a lateral move into special investigations, theft, or some other department? Take time at the start of the year to really think about where you want to be twelve months from now and make a list of everything that needs to happen in order to make this a reality. Review this list every month to make sure you’re making progress.

While these are just a few tips to consider, our team at Allegis Transcription wishes you a very happy 2016!

 

What is Arbitration Forums? What Every Adjuster Needs to Know

/2 Comments/in /by Tyler Marshall

Insurance adjusters need to understand as much about the claims process as possible. Whether you actually handle arbitration or subrogation demands usually depends on your company’s departmental protocol, but learning about the process is critical in terms of how you handle a file and put together your claim notes.

Here are a few facts that every adjuster needs to know about Arbitration Forums.

What is Arbitration Forums?

Arbitration Forums, Inc. is a not-for-profit organization that handles disputes amongst its nearly five thousand members. These members agree to have specially appointed arbitrators hear their cases in lieu of taking the dispute to a court of law.

It is the largest arbitration and subrogation provider in the United States, and serves a vast majority of large insurance carriers. It also includes major self-insured companies, such as large trucking firms and corporations. Annually, the group hears around 619,000 arbitration cases.

How Do They Find Arbitrators?

One of the great aspects of Arbitration Forums is that it utilizes employees from its member companies to create a pool of arbitrators. These can range from adjusters to claims managers, but all are required to pass a series of tests and simulations about the claims industry before they are allowed to hear cases. Insurance arbitrators are never allowed to handle disputes that include the company they work for and are expected to remain neutral throughout the process as they evaluate the facts given.

How Does the Claims Industry Use Arbitration Forums?

The claims industry heavily utilizes Arbitration Forums, as it is far less expensive than taking a case against a fellow insurer to litigation. In addition, members are not charged an annual fee, but pay per case filed. Only the company that files case is charged, not the one answering the dispute. Those that file are also expected to use one of their arbitrators to hear a separate case in the future.

For many major insurers who have thousands of cases filed each year, this number can really add up. For smaller companies or commercial firms that self-insure and may only have a half dozen disputes per year, the total case charges are, of course, much less.

Why is Recorded Statement Transcription Important When Utilizing Arbitration Forums?

Recorded statement transcription is important in having a case go through the Arbitration Process. This is because the arbitrator that reviews the file and makes a decision cannot receive audio files. He or she only has text files and notes from the claims adjusters on both sides to go by.

A verbatim transcription file adds in an extra layer in terms of proving (or disproving) a case. Those who are trying to prove liability often opt to add many different transcripts from drivers, witnesses, and other accident experts. This can be a very important tool for both the adjuster filing the dispute and the one who is answering the demand.

Is an Arbitration Forums Decision Binding?

Decisions from Arbitration Forums are not legally binding. The decisions are more or less a “gentleman’s agreement” between the two carriers that they will follow through with the recommendations put forth by the arbitrator. However, companies that don’t follow the arbitrator’s decision could lose the privilege of having future cases heard through the process. For this reason, the vast majority opt to work in favor of the final decision.

Last Minute Recorded Statement Transcription and Allegis Transcription

This last little piece is one to know in case you ever find yourself in a situation where you have an arbitration dispute or answer to file, but are running out of time to get one done. One of the reasons why so many large insurers work with Allegis Transcription is that we offer four-hour turnaround time on rush transcription orders. This allows you to get the insurance transcription you need and still have plenty of time to complete your arb file. Please contact us for further details.

In short, Arbitration Forums is a very important tool for many insurers across the country. To learn more about how the process works, check out their website at Arbfile.org.

3 Ways Verbatim Transcription Services Give Insurers a Competitive Advantage

/0 Comments/in /by Tyler Marshall

It is no secret that keeping up with the competition in the insurance industry is important. With insurance laws in most states offering a level playing field for companies, the chance to perform better than the other guy is more crucial than ever before.

Here are three ways verbatim transcription services can give your firm a competitive advantage.

#1: Complete Case Notes

Recorded statement transcription is incredibly important for firms that value having complete case notes in each claim file. This is especially true for severe injury cases or those that will likely exceed policy limits and end up in litigation. It is widely known that insurance transcription documents are one of the most complete ways to present an argument or opinion—as they present the insured or claimant’s exact description of how the incident took place—and having them in a file definitely offers a competitive advantage for your company.

#2: Arbitration Forums

Another place when having verbatim transcription of recorded statements is important is during arbitration proceedings. Arbitration Forums does not allow presentation of audio files as part of their system. This means that the arbitrator reviewing the file has zero access to recorded statements unless you’ve had a verbatim transcription done. Companies that do not take this extra step can sometimes be at a disadvantage, as the only thing they have to submit is the adjuster’s file notes. In this instance, having that recorded statement transcription can mean the difference between winning or losing against an adverse carrier.

#3: Professionalism

One recent savings trend amongst smaller insurers is having adjusters perform their own verbatim transcriptions. In terms of competitive advantage, this is a terrible idea! Adjusters should be able to focus on the tasks that matter, such as determining negligence and negotiating settlement. Spending time trying to type out recorded statements is not only a waste of hours, it keeps them from really being able to concentrate on what their job entails. Furthermore, this can lead to costly mistakes if the document is ever presented in arbitration or the court system.

If you’re wondering where you should look to find quality, verbatim transcription services, look no further. Our dedicated team at Allegis Transcription is here to help. Please contact us today for further information.

Dealing with Burnout: 5 Tips for Insurance Adjusters

/1 Comment/in /by Tyler Marshall

While working as a claims adjuster can be an interesting and rewarding experience, it can definitely be a bit wearing after a while. In fact, one of the top reasons why people leave the industry is due to job related stress.

So, how do you manage to get your work done right and still avoid burn out in such a fast paced industry? Here are five tips for insurance adjusters.

Tip #1: Ask for Help If You Need It

If you asked a group of claims adjusters what their biggest stressor at work was, many would tell you that they have too many files and not enough hours in the day to get them all handled. In fact, this is one of the biggest problems in the industry.

The easiest way to lessen the stress of this is by asking for help if you need it. Many claims managers understand this and have steps in place to help insurance adjusters handle an overflowing caseload. Sometimes this means transferring excess files to another member of the claims team or offering overtime to catch up. Either way, it is always a good idea to speak up to help keep stress levels to a minimum.

Tip #2: Know When to Step Away from Your Files

As all insurance claims adjusters know, sometimes the files that you handle are a little too personal. Maybe the accident involves the death of a small child around the same age as your own or some other factor hits too close to your own life. This is completely normal—after all, we’re all human.

Know when it is time to step away from your files. Go outside and take a break to deal with your thoughts temporarily. If it is a major issue, then talk to your management team about possibly having the file transferred to someone else. Or, simply remind yourself that the scenario you are dealing with isn’t your family and that you are grateful for that fact. (Gratitude for what you do have is always a great way to help reduce stress.)

Tip #3: Understand That It Isn’t Personal

One of the hardest things about working in claims is that the people you help are usually in crisis. Talking to you is not what they want to be doing, simply because they didn’t want to be involved in an accident in the first place. In some cases, someone they love has either been hurt or is now deceased. In other instances, they are the ones in pain—either physically, financially, or emotionally due to inconvenience. Their words can be sharp and they may even make threats or say things that are completely out of their normal character.*

To help avoid burnout as an insurance adjuster, it is important to really understand that none of it is personal. These people are mad at the situation and are choosing to take it out on the only person that they are able to put temporary blame on—you. The truth is that if you met most of these people under normal circumstances, things would be totally different. Keeping this perspective in mind can really help when you are dealing with a difficult insured or claimant.

*Any serious threats that involve the safety of yourself or your colleagues should always be reported to your manager and dealt with accordingly.

Tip #4: Utilize Company Stress Relief Resources

Most major insurance companies offer programs to help employees reduce stress and minimize burnout. This sometimes includes an on-site counselor or other mediator. Other companies offer access to health centers to allow employees to stay fit, which can also help minimize stress. No matter what it is, it is important to take advantage of these resources.

Tip #5: Take Steps to Make Your Job Easier

Taking steps to make your job easier is another way to help beat burn out. Here are a few suggestions.

  • Utilize a company that handles recorded statement transcription. Reading a verbatim transcription sheet saves tons of time over having to listen to a recording for details and helps you have much more accurate claims files.
  • Have a time management routine in place for each work day. Set aside a special time to just tackle emails or schedule a part of the afternoon when you return phone calls. Know exactly when it is time to review your new case files. By having a routine, you can help reduce stress and have a clear plan as to what your day entails.

Of course, taking a day off now and then isn’t a bad idea, either. Sometimes the stress of the job requires having something in your personal life to look forward to—even if it is just an afternoon on the couch watching a Netflix marathon. The key to beating burnout as an insurance adjuster lies with knowing your limit and making adjustments—including burning a day of vacation time—to recuperate.