RIMS report highlights benefits of effective claims reporting, management

The Risk & Insurance Management Society Inc. has issued a new executive report entitled “Claims Reporting and Management Practices” that shows how effective claims reporting and management can contribute to an organization in both financial and nonfinancial ways.

The reference guide, which was written by members of RIMS’ Standards and Practices Council, reviews such matters as the principles of claims management; steps for establishing a claims management program; managing, reporting, monitoring claims and improving the claims management program, as well as integrating claims management into an enterprise risk management program. The report also highlights tips on claims management.

The report notes that in the past, claims reporting and management have been perceived to be merely administrative tasks. But “more recently, savvy executives in multiple industries are recognizing the contribution of risk and claims professionals in using the claims reporting and management process to advance the organization’s goals and objectives,” according to the report.

“Whether through volatility reduction or operational improvements gained by trend analysis, claims management can return bottom-line savings,” says the guide. “More importantly, fair and efficient claims practices improve customer and worker satisfaction, as well as enhance public perception of the organization.”