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Captive Claims Management
In today’s insurance market, more and more medium to large business entities are turning to the use of non-traditional methods of addressing potentially insurable exposures. Self-insured retentions are increasing and tax efficient offshore based captives are no longer only the domain of global corporations.
This has led to self insured companies and captives having to deal with more and more claims before they are passed to the first layer of traditional insurance cover.
This fact, together with the reality that the majority of established captives are based in offshore locations means that the issue of qualified third party administration is ever more significant.
DCS Asia Pacific can assist in this regard by providing a bespoke administration service for claims that fall within an insured’s retention or captive arrangement, ensuring that the same level of expertise is provided to prevent erosion of such funds as that which is provided by insurers when losses affect their layer.
DCS Asia Pacific provides:
- Expert claims handling directly on behalf of an insured or captive;
- Liaison/interaction and notification to other layers of insurance;
- Immediate access to specialist advice, legal, adjusting or otherwise; and
- Ultimate cost saving to the insured or captive, giving greater cost control.
- Dual access to claims data allowing both the captive company and insured entity to view up to date statistical data and reports.
Resulting in various benefits such as:
- Better reserving of claims;
- Lower payments to third parties; and
- Better terms from the traditional insurance markets in respect of the layers above the retention layer.
- Confidence that insurers will accept any claims overlapping onto excess layers.
