Risk Mitigation

Captive structures by design require the client to assume insurance risk.  Without the proper tools to mitigate this risk, it may be difficult to consistently hit “Best Practice” outcomes resulting in less underwriting profit and investment income for the participant.

Traditional bundled and unbundled claims handling programs are a complex arrangement of adjuster coordinated services that include subcontractors (vendors), networks and systems. While in theory, this is the logical delivery pattern, the practice generates a more reactionary vs. proactive claims handling strategy. In addition, many of these services generate excessive fees for the providers.

To help agents and their customers assess the cost and performance of their claims program and develop strategic alternatives, Keystone has designed a proprietary analytics based risk mitigation service platform which includes:

• Analysis of current claims handling platform:
  • Identify “hidden costs”
  • Benchmark key metrics that identify areas that can increase performance
• Development of a customized platform of claims company vendors:
  • Assess options for unbundled claims administration service providers based on analysis of vendor costs and claim outcomes
  • Develop  comprehensive claims mitigation programs (i.e. “medical-centric” model to maximize reduction of loss)
• Execution and delivery of  innovative claims handling model:
  • Enhance and coordinate client specific handling instructions with the reorientation of roles of parties
  • Provide benchmarking and program analysis (i.e. payment analysis, claim duration, average costs and claim closure rates)
  • Provide educational support in accessing critical data from vendor systems.

Knowledge is Power! Keystone’s benchmarking services provide customers with valuable insight into key cost drivers while our innovative claims handling platforms can provide substantial savings on claim results.