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Expert forensic accountancy and litigation support advice in the insurance industry must be timely and at a cost proportionate to the claim so that standards for claims handling can be met effectively. This means not only dealing with claims quickly and effectively but also assisting through value-added services including: the ability to provide up to date technical assessment, focused enquiry and research, and the application of industry knowledge (based on our extensive client base) in appraising loss claims. These skills help insurers to meet their own commitments to policyholders.
Claims handling and claims settlement services
As an added service to insurers, we have recently formulated an extended approach to our work in handling smaller claims. Our procedures can, at the wish of the instructing party, encompass direct liaison and settlement negotiation with the claimant or the claimant's advisers on matters of earnings and profit losses. The process typically involves an initial appraisal of losses based on the documentation and evidence made available, following which an offer to settle would be submitted by PKF direct to the claimant or the claimant's advisers. PKF would then handle the subsequent negotiations with a view to achieving a settlement on behalf of the insurer.
We are currently in the process of implementing such extended services with one leading UK Insurer.
Opinion
Effective forensic accounting advice and opinion can only be delivered once the particular circumstances of each case are fully understood and the needs of claims managers clearly identified. By adopting a tailored approach to our work, we provide the required level of accountancy input into each case in a cost-proportionate manner.
Claims resolution
In our experience many claims can be resolved with the assistance of a preliminary forensic report dealing with the key financial issues. Such reports can often be used as effective tools to assist claims managers negotiate speedy and acceptable settlements. For other potentially higher value or more complex claims it might be necessary to carry out a thorough financial investigation to assist the insurer in either resisting the claim or mitigating the levels of quantum claimed.
Our insurance industry experience includes:
- personal injury, clinical negligence and fatal accident claims
- professional negligence claims
- fraud claims
- consequential losses.
Contact us for more information. |
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