Using Claims Auditing Services To Monitor Self Insured Retentions (SIRs)
Carriers are seeing many of their policyholders converting more of their traditional insurance coverage to SIRs with the excess carriers attaching at higher levels of coverage. Excess carriers who do not regularly use claims auditing services to monitor the process may be leaving themselves open to additional and unnecessary expenses or liability. SIRs And Claims Auditing Services Policyholders use SIRs to reduce insurance costs. Some policyholders create internal claim departments to manage the claims, although many employ TPA services to do the job. In either case, the excess carrier has less control over how the policyholder's claims are being handled than they would with a more traditional "dollar one" insurance program. With more people involved in the claims process than with traditional programs, there is a greater chance for error. The TPA services provider and the policyholder are protected from large claims by the excess policy, but this can ...