What do you think is the toughest element of handling a large loss?
Courington, Kiefer & Sommers' Kaye Courington is one of five CLM members who answered this month's question.
“Telling the client about it! If there’s a potential large loss looming, the client should be advised immediately. The possibility should not be downplayed. Reserves need to be considered. Timely client communication is key to preventing nasty surprises.”
1. Kaye Courington, Managing Partner, Courington, Kiefer & Sommers Law Firm.CLM Member since 2009.
“The toughest element of handling a large loss is to structure and manage a defense strategy in cooperation with the claims professional that is not only aggressive and proactive, but also cost effective and mindful of evolving resolution opportunities.”
2. Susan E. Smith, Shareholder, Segal McCambridge Singer & Mahoney, Ltd. CLM Member since 2012.
“Large loss investigations may involve numerous parties and inspections, significant document review, and utilization of various experts. Communication is key. If communication breaks down, a complicated loss becomes even more difficult.”
3. Curtis Brown, President & CEO, Rimkus Consulting Group.CLM Fellow since 2011.
“Reaching early consensus on details such as scope of investigation,
budget, staffing, expert retention, and cooperation with other carriers is even more important for a large loss, but it often is difficult because of varying early impressions of liability and exposure. An agreed-upon plan should be the team’s initial focus.”
4. Ian Stewart, Partner, Wilson Elser Moskowitz Edelman & Dicker LLP. CLM Member since 2009.
“It requires managing the expectations of all parties involved. Insurers must believe claims are being effectively investigated; insureds must be confident that their interests are being protected; and third parties must be secure in their belief that their claims will be evaluated fairly.”
5. Fred Perez, Vice President, McLarens Young International. CLM Fellow since 2009.
The amount per year Fortune 500 companies waste in meetings, mostly due to ineffective listening.
Source: Group Vision
Percent shareholder returns were higher for companies with highly effective internal communications.
Source: Towers Watson
The amount U.S. hospitals waste annually due to poor communication.
Source: Center for Health Information and Decision Systems
Percent of small to mid-size businesses that claim ineffective communication is their primary problem.
Source: SIS International Research
Percent of middle managers who miss valuable information every day because they can’t find it or never see it.