How Captive’s Claims Management Process Distinguishes Themselves From The Traditional Insurers?

Captives Claims Management
Captives Claims Management

Ever wondered what makes cell captive insurance such an appealing option? Read on to find out what sets them above the rest.

When you seek insurance from a traditional firm, there’s always a lot of paperwork. Added to that a myriad of tiny problems, each one requiring a signature, an agreement, or just your attention. The captive’s claims management process can become so slow that you end up paying workers on suspension for months before anything comes to fruition… all in all, it’s a bit of a bum deal.

The insurance claims management team assures us that things are different when you opt for a cell captive insurance company, instead. Let’s take a look at those differentiations and see if they are right.

How Traditional Insurer’s Claims Management Process Works?

Claims handling in a traditional insurance firm is notoriously slow. Whether it is the firm or an individual who is making the claim, the process is drawn out for as long as possible, to help the insurer mitigate some of the losses. They will hang onto their money for as long as they can, making it difficult for you or your employees to get the help you need.

We all know that things move fast in business. Say you are applying for maritime insurance, and you need your boat to be repaired. If you get your insurance through a mainstream company, this spells disaster. The claim will be filed, you will wait for a fortnight minimum period, and then you might get what you need to get back into business. 

When you are with a cell captive insurer for your maritime insurance, the risk is low and spread evenly across your cell. This makes for more affordable rates and better claims handling, from start to finish.

How a Cell Captive Insurer’s Claims Management Process Works?

When you get your insurance from an alternative risk management firm such as a cell captive insurer, the claims management process is swift, from start to finish. Further to the increase in speed, cell captives allow you to be fully involved at every stage of the claims handling process. If you opt for a traditional insurer, this control is taken from you and handed to a middleman, a big part of the reason why it can be so slow.

When your insurance is owned and operated by a single firm operating multiple cells, you are banded together with those in the same risk bracket as you are. This means that you can share the cost of premiums, so it is in everyone’s best interests to keep those premiums low. 

Giving you access to your own claims management process allows for easier access to claims on a case-by-case basis. You can monitor its progress, intervene if necessary, and settle things your own way. Fewer attorneys are involved, there is a shorter timeline, and you have better control over what your firm agrees to payout.

What It All Means?

Cell captive insurance firms are experiencing a huge boost in business right now as SMEs wake up to the fact that it’s better for business. Don’t miss out. It may just speed up your claims management processes 10-fold.

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