Recently, we sat down with Robert Fleckenstein, vice president, operations, and Theresa Hart, financial controller, from our Global Technical Services (GTS) team to discuss the critical aspects of successful captive management, emphasizing the importance of alignment between data accuracy, financial operations and claims handling. The conversation highlighted several key points that are essential for delivering effective solutions to clients.
But first, what is a captive and why are they important?
A captive is an insurance company owned and controlled by its insureds. In today's complex and ever-evolving insurance landscape, captives play a crucial role in providing tailored risk management solutions for businesses.
Balancing priorities and deliverables
Cooperation amongst various stakeholders, including the market, clients and the insured is integral for successful outcomes. Understanding different perspectives and navigating competing priorities to deliver the best solutions is a key role of our dedicated program team members.
The role of data in financial management
Data accuracy and governance is of utmost significance. Clean data is essential for making informed business decisions, especially as the industry moves towards AI-driven solutions. Data governance must be a priority of all stakeholders considering it’s the bridge between claims handling and financial support. We understand that setting up programs correctly from the beginning to avoid long-term issues will result in smooth operations throughout.
Collaboration between claims and financial operations
In order for data to remain accurate, close collaboration between claims operations and the financial management team is necessary. Trust is built on accurate data and finances, which are vital for successful negotiations and program management. Financial operations and claims operations must work hand in hand, as neglecting one aspect can lead to significant issues.
Implementing best practices and consistency
The lack of consistency among team members in methods can lead to inconsistent data. By standardizing processes and requiring adjusters follow the same best practices, the team presents a cohesive and accurate view of the claims landscape to the client.
Empowering clients with data visibility
Implementing dashboards and aggregate trackers provides clients with clear visibility into their claims and financial status. This proactive approach allows clients to manage their captives effectively and avoid surprises. Empowering clients with accurate data and regular communication builds trust and improves overall satisfaction.
Conclusion
When partnering with a claims handling team like Crawford GTS for captive management, it’s important to consider data accuracy, collaboration and proactive management. By addressing these key areas, Crawford GTS developed a framework that can deliver effective solutions to clients, so that their needs are met from start to finish.
Takeaways
- Listening to the client is the most important part of communication.
- Your service deliverable is only as good as your data.
- Avoid surprises. Grant constant visibility for your client.
