LitCon Group has extensive experience with the unique challenges that insurance claims can present. Our experts in accounting and finance calculate the losses and help guide the claim adjustment and settlement processes.
It’s a Process
LitCon Group provides our clients with a platform for efficient and expeditious settlement.
Claim Planning and Strategy
We view each insurance claim engagement as a collaborative effort among policy holders, insurance companies, accounting and finance professionals, legal representatives, and risk managers. In our experience, effective planning includes:
- Establishing communication protocols
- Developing claim documentation systems
- Advancing a claim resolution timeline
- Preparing an initial loss estimate to assist the insurance company in setting appropriate reserve amounts
Our involvement in claim planning and strategy can start the process for an equitable recovery and enables management to focus on business recovery and daily operations.
Claim Preparation and Submittal
During the claim preparation and submittal phase, we develop our loss claims in a clear and concise manner, taking into account all direct and indirect events impacting the loss. We utilize the best available valuation methods to accurately quantify the true nature and impact on the policy holder’s business.
To resolve claims in an expeditious manner, the policy holder should provide the insurance carrier with a well reasoned proof of loss complete with the appropriate level of supporting documentation in accordance with its policy. In many cases, LitCon Group professionals work directly with insurance company representatives to quantify components of the claim, prepare interim claim submissions, and provide analyses to support advance payment requests.
Claim Adjustment and Settlement
After the claim has been submitted, we respond to inquires from the insurance carrier’s representatives and provide justification of our loss calculation. During this phase we are sometimes requested to prepare additional analyses in response to positions taken by the insurance carrier or its representatives. Ultimately, we assist the policy holder in claim negotiation and settlement discussions.