Premium Auto Insurance is a company that deals with insurance for automobiles. The company has grown considerably with the Claims Department recording many claims. This development has made it necessary for the department to increase its claims representatives who have been reporting directly to the Finance Director. Subsequently, need arises to create the position of Claims Supervisor as a measure of increasing efficiency and relieving the Finance Director the excessive claims work.
Description of the new role
The Claims Supervisor will be responsible for undertaking numerous responsibilities within the company. One of the significant roles will be to manage the claims department in such a way to ensure that the claims representatives are performing their duties. To achieve this, the supervisor will develop a framework upon which insurance coverage and claims will be determined. In addition to the claims representatives, the supervisor will work closely with the company's appraisers, outside vendors, and adjusters to ensure the smooth running of the claims department.
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Since the company is committed to offering its clients with the best customer experience including swift claims evaluation, determination, and settlement, the supervisor will ensure efficiency is guaranteed. Subsequently, the supervisor will be charged with the duty of closely reviewing the claims files as a measure for company policy compliance as well as adherence to quality standards. According to Cappiello (2018), it is worth mentioning that experts in the insurance industry postulate that efficiency and adherence to quality standards are paramount in ensuring business success.
High-level claims are a significant source of revenue for the company thus requiring appropriate attention. Creating the position of a Claims Supervisor will prove integral in maintaining high-level customers. The supervisor will be directly involved in investigating, negotiating, evaluating, and settling high-value claims.
Benefits of the position
Better financial results
According to studies in Foster and Persky (2017) having a competent departmental leadership is key to business growth. In this light, employing a claims supervisor to head the claims department will yield notable benefits to the company. First, the supervisor will bring expertise in the departmental that will result in better financial results for the company. By coordinating the claims representatives and other employees within the department, teamwork will be enhanced yielding better outcomes. Additionally, offering training for the team members will be pivotal for the financial growth of the company.
Personalized service
As indicated earlier, the supervisor will be responsible for handling high-level claims. Implementing this move will result in personalized service provision which will potentially increase customer satisfaction. By doing this, the company will be able to avoid litigation given accurate liability assessment.
Reducing fraud
On another front, the claims supervisor will help reduce instances of fraud within the department. Studies show that insurance companies face litigation regularly resulting from fraud. In many cases efficiency within the insurance companies is mistaken with processing claims quickly ( Karl & Wells, 2016) . However, it is worth mentioning that the quick processing of claims posses the danger of fraud going unnoticed. Having a claims supervisor directly supervising the claims representatives will work to curb fraud that results from inefficiencies within the department.
Collaboration with other positions
The claims supervisor will create a linkage between the claims department with other departments. First, the most notable linkage created by the new position will be relieving the finance director from handling excess work that is prerequisite to committing mistakes. In addition, liaising with the finance director, the claims supervisor will be instrumental in setting the department’s goals and work to mitigate losses. Furthermore, the supervisor will work closely with the human resource department to make recommendations concerning staffing within the claims department.
References
Cappiello, A. (2018). The New Frontiers of Insurance Distribution. Technology and the Insurance Industry , 51-73. doi:10.1007/978-3-319-74712-5_4
Foster, J., & Persky, J. (2017). Hiring, Managing, and Compensating Insurance Agency Personnel .
Karl, J. B., & Wells, B. (2016). Improving Perceptions of the Insurance Industry: The Influence of Insurance Professionals. Risk Management and Insurance Review , 19 (1), 147-166. doi:10.1111/rmir.12058
