The claims philosophy should be clearly documented and communicated within the syndicate, and reflected in the management and organisation.
Managing agents should have appropriate claims resources, skills and management controls in each line of business they propose to write.
Claims should be adjusted and processed in an efficient and timely manner.
The handling of a claim should be appropriately documented and information relevant to the management of the claim retained for a reasonable period.
Claim reserving should be undertaken with the goal of a consistent, timely and accurate result.
Disciplined procurement and pro-active management procedures should be employed in the selection and use of third parties.
Measurement of claims management performance and capabilities should be appropriate and regular.
For subscription business there should be an effective claims agreement process to protect the interests of followers, supported by the full co-operation of lead underwriters.
Important information relevant to the claims management standards
