I hate to burst these intellectual’s bubble but I was taught this in 1970 when I first started handling Claims. And I don’t even have an advanced degree.It’s common sense. Oops……..there I go again assuming all people have it.
I read the article, and quite frankly, that is what makes Insurance rates so riduculous. The States you mention, both Texas and Florida have Mandatory Reporting in terms of Insurance Fraud. Any fraud case goes down the tubes when local DOI or Prosecutors understand that carriers or Companies voluntarily make payments on suspicious claims just to get them settled. Plaintiff Attorney’s target thse Co’s and Insurance groups who do this stuff. Just look in the back of your phone book or the Yellow pages, they are all over the place. Your article should have given both sides of the story. There are very profitable Fortune 50 companies out there who fight this stuff and the Plaintiff Bar recognizes very early in the process not to mess with them. It works both ways, but I fail to see how your way helps reduce anything about my Insurance?
It strikes me that those claimants who would opt for such a program are those against whom liability may not be favorable. Therefore, you are raising the average severity for the set of the population that could conceivably receive nothing (defense verdict); and raising the average severity for the entire group necessitating higher premiums. I suspect that the assumed “savings” in expenses is derived by an average — which is skewed by litigating the catastrophe injury case — or severely complicated, multi-defendant trial; which is going to happen anyway.
Anytime you have a liability exposure it only makes sense to pay the undisputed amounts (wages, meds, etc.) to mitigate the inconvenience and anger a claimant may have. Personal injury attorneys sprouted because some insurance companies were slow to acknowledge thier liabilty and left claimants dangling. Quick settlements save money all the way around. Nobody’s talking about suspected fraud cases or no liability situations.
I could not disagree more with your comment. The two issues of claims & Insurance Fraud are inseperable. Thats why it’s the second largest white collar crime, next to tax evasion. What metrics were used in this study to exclude that data (suspicious claims?)Thats THE issue, nobody is talking about Fraud issues. We can agree to disagree.
I hate to burst these intellectual’s bubble but I was taught this in 1970 when I first started handling Claims. And I don’t even have an advanced degree.It’s common sense. Oops……..there I go again assuming all people have it.
I read the article, and quite frankly, that is what makes Insurance rates so riduculous. The States you mention, both Texas and Florida have Mandatory Reporting in terms of Insurance Fraud. Any fraud case goes down the tubes when local DOI or Prosecutors understand that carriers or Companies voluntarily make payments on suspicious claims just to get them settled. Plaintiff Attorney’s target thse Co’s and Insurance groups who do this stuff. Just look in the back of your phone book or the Yellow pages, they are all over the place. Your article should have given both sides of the story. There are very profitable Fortune 50 companies out there who fight this stuff and the Plaintiff Bar recognizes very early in the process not to mess with them. It works both ways, but I fail to see how your way helps reduce anything about my Insurance?
It strikes me that those claimants who would opt for such a program are those against whom liability may not be favorable. Therefore, you are raising the average severity for the set of the population that could conceivably receive nothing (defense verdict); and raising the average severity for the entire group necessitating higher premiums. I suspect that the assumed “savings” in expenses is derived by an average — which is skewed by litigating the catastrophe injury case — or severely complicated, multi-defendant trial; which is going to happen anyway.
Anytime you have a liability exposure it only makes sense to pay the undisputed amounts (wages, meds, etc.) to mitigate the inconvenience and anger a claimant may have. Personal injury attorneys sprouted because some insurance companies were slow to acknowledge thier liabilty and left claimants dangling. Quick settlements save money all the way around. Nobody’s talking about suspected fraud cases or no liability situations.
I could not disagree more with your comment. The two issues of claims & Insurance Fraud are inseperable. Thats why it’s the second largest white collar crime, next to tax evasion. What metrics were used in this study to exclude that data (suspicious claims?)Thats THE issue, nobody is talking about Fraud issues. We can agree to disagree.