In a major development on the Medicare front, President Obama has signed the Strengthening Medicare and Repaying Taxpayers (SMART) Act into law. The SMART Act makes major revisions to Section 111 reporting, conditional payments, and other important Medicare Secondary Payer (MSP) compliance areas. I hope you can join me at the Verisk Insurance Solutions 2013 [...]
Claims
Forecasts indicate that claims executives will likely hire plenty of adjusters this year. That hiring will require a considerable investment in formal and on-the-job training. The longer it takes, of course, the more it costs. Inexperienced adjusters — or even seasoned adjusters who don’t have experience with a new employer’s claim-handling policies — can miss [...]
Organized fraud is extremely difficult to detect, particularly because schemes have become increasingly complex. According to the Insurance Information Institute (I.I.I.), the National Insurance Crime Bureau (NICB) released data showing that questionable claims referrals related to organized insurance fraud grew 47 percent from 2008 to 2011, reaching 3,146 questionable claims referrals in 2011. The NICB [...]
Claims adjusters need to make claimants whole. They also need to reach a closure rate of 100 percent and still find cases of comparative liability. The balancing act can be difficult. Watch this video to learn how the ISO Claims Outcome Advisor® platform can help adjusters use technology to handle claims consistently, apply their experience [...]
The official start of hurricane season is only a few weeks away. As you prepare for the June 1, 2013, reinsurance renewal, don’t forget about your industry loss warranty (ILW) cover — and how you can make it more effective. In several ILW agreements, Property Claim Services® (PCS®) has found that the perils do not [...]
The Department of Justice (DOJ) has begun auditing insurer National Motor Vehicle Title Information System (NMVTIS) reporting. Failure to comply with reporting requirements can result in a $1,000 fine for each unreported vehicle identification number (VIN). You don’t need to take that risk. If your company is an ISO ClaimSearch® auto participant, you can report [...]
