Insurance Business Services

Insurance Business Services

OCS is able to offer a range of insurance business services through its partner the Alphabet Group enabling us to provide a comprehensive range of business services to the London Insurance and Reinsurance market.

Consultancy and Client Support:

Providing a wide range of claims consultancy and related specialist services, supported by a worldwide network of
market recognised experts and professional partners. Services include:

  • Advice on individual policy and claims issues
  • Consultancy on all matters pertaining to claims, using data provided by the clients and/or brokers
  • Comprehensive loss appraisals, involving the entire evaluation of damaged and destroyed assets, along with the appraisal of lost business and profts
  • The collation and presentation of claim particulars, as well as settlement negotiations, with a view to obtaining reasonable compensation and/or financial support from insurers or third parties.

Post Risk Surveys

Undertaken for small to medium sized enterprises. These can range from limited proposal form/risk verifications to full property, business interruption and liability surveys, covering (but not restricted to):

  • Risk profiles
  • Security issues
  • Valuations / adequacy of sums insured
  • Warranties
  • Risk improvements
  • Health and safety
  • Fire detection and extinguishment systems
  • Power and utilities
  • Special hazards
  • Housekeeping.

The surveys can then be used when considering:

  • Catastrophe planning
  • Minimising loss exposures
  • Identifying high risk areas
  • Resolving claims-related issues.

Change and Interim Management – Claims Management and Loss Adjusting

Change Management – When Insurers/Brokers are changing their business emphasis, or migrating newly acquired claims work into their operations there can be a hiatus due to skill bases not matching the products(s) or customer needs. Management often need support during such periods as well as the training of new and existing staff.

From experience we have found that interim management has given the client more time to examine their own business requirements. Further, utilising our operational reports and recommendations, most clients have been able to establish strong foundations and develop their own strategies to meet the changing needs of their business.

Claims Management

Providing flexible insource or outsource services for most types of commercial and personal line claims from first
response and incident recording through to end to end claims handling and third party recoveries.

We have many years practical hands on experience in negotiating and settling contentious and major claims in a pro-active manner and have a clear understanding of the pressures, priorities, service expectations and legal obligations inherent in the claims management process. We have expertise in fund management for Captives and Self-insurance programmes including aggregate deductible monitoring and audits. Further, we are as comfortable using our client’s systems or providing other compatible systems, and depending on size or client’s specific requirements, to supply on-line or regular reports in hard copy.

The use of claims management services can provide opportunities for companies to streamline their processes and maximise values.

Loss Adjusting

Offering a focused concept in loss adjusting that is able to respond quickly to the varying needs of our clients in the UK and around the world. Through our dedicated partners we have access to highly experienced and
qualified adjusters, supported by a panel of market recognised consultants. As a result we are able to handle complex high value claims as well as general commercial, high net worth and personal line losses.

Delegated Authority & Coverholder Review

In order to comply with regulatory and shareholder requirements there is a growing need for insurers, reinsurers and brokers to carry out independent audits of their binding and other delegated authority business activities. Equally captives and self-insureds need to review their outsourced services.

We work closely with our principals to pre-agreed guidelines and in accordance with their reporting protocols. We also identify problem areas, recommend solutions and where required, implement short term management or instigate long term strategy changes. Within the pre-arranged guidelines our coverholder and outsourced service audits may incorporate the following:

  • Preliminary file reviews
  • Management and structure checks
  • Accounting, legal and financial reviews, and corporate governance and FSA issues
  • Security, Systems and Reporting
  • Underwriting standards
  • Compliance with binding authority models
  • Application of rating and terms amendments
  • Terms, discounts and warranties
  • Third party appointments and use of specialists
  • Management of claims and claims fund administration
  • Reserving
  • Quality and speed of settlements
  • Subrogation and co-insurance recoveries
  • Application of claims settlement authority
  • Service level monitoring and backup support.

Run-off and Commutation

On occasions insurers/underwriters may seek to enter into run-off or commutation arrangements to formally achieve closure of underwriting activities or be looking to make a strategic withdrawel from some of their operations.

Whether the client selects to run-off their
business or have its liabilities transferred to a new vehicle we are able to provide practical expertise by utilising its specialised skills and experience to review businesses, understand what liabilities are left and to establish if reserving and unearned exposures are in line with expectations. From these initial reviews workable and structured solutions can be agreed and implemented.

We understand the need for careful management and the use, where possible, of the skills that may be available from on going operations. However, where necessary, we can take over the administration of all outstanding underwriting issues, the handling and control of notified claims and new incidents relating to old or closed years of account. If required we can also arrange acceptable exit strategies that provide cost effective solutions with maximum benefits.

From our experience of managed withdrawals we are aware that the majority of claims are likely to involve long tail liability issues. Even these, with fresh review and approach, can often lead to quicker and more satisfactory conclusions.

With regards to captives it is apparent that a number of owners may be seeking alternative independent solutions for no longer required companies. These can be provided with exist strategies, such as:

  • A novation process into another licensed carrier in the same domicile
  • A simple sale of the company to an acceptable entity
  • A reinsurance arrangement
  • A combination of the above.

Together with others, including an AA- rated reinsurer, we are able to organise any of the measures outlined above and to ensure that the most cost effective solutions are achieved.

For further details please contact us on +44 (0) 20 8731 4335 or email info@ocs-insurance.com

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