loss run processing

Most insurance brokers and agents find the standard process of obtaining loss runs to be downright painful. The single biggest problem for them is to find where to order them in the first place. A professional who worked with a carrier for many years found the process to be far too time consuming. The reason being it is way too complicated and confusing. In fact, it is complicated enough to dissolve a growing relationship between…

For insurance companies, a risk is the possibility of a financial loss or an adverse event that can interfere with their ability to fulfill their mandate and can call for the submission of an insurance claim. The various risks associated with insurance include changes in morbidity rates, mortality rates, catastrophic rates, and others. Hence, risk management is one of the critical concerns of insurers that encompasses the practice of identifying and analyzing potential threats in…

An insurance loss run report is a comprehensive document of claim activities of the insured on each of his/her insurance policies. For an insurance company, it acts as an initial assessment to determine the level of risk associated with a customer and assists the company to draw the price and policy terms for a customer accordingly. In addition, an insurance loss run report also assists an insurance company to take a call on whether they…

Insurance companies request loss run reports for new insurance applications or during the renewal of their existing policy. These reports are required to get a more detailed look into the claims history of a specific policy. The more claims a particular policyholder has made, the riskier it is to underwrite them and grant them insurance coverage. Insurance policies are renewed once every year. However, it can be difficult for an insurance carrier to renew these…

In the insurance industry, loss run reports refer to the claims history of each of your insurance policies. The number of claims you have filed in the past are packaged in a report that you can then provide prospective insurers when you are shopping for new coverage or are looking to renew your existing policy. By reviewing your loss run reports, insurance companies can evaluate the severity of each of your losses and the frequency…