Insurance Loss Runs Processing. A confusing term with a simple definition A credit score allows banks to determine if your business is a good candidate for a bank loan. Loss Runs enable insurers to see your Insurance Claims History Report, and know how much of a risk your business will be to insure.
Looking at a Loss Runs Report, an insurer can see:
- The Type of claims filed in the past
- The Financial Impact of your claims
- The Frequency of previous claims
By assessing this information, the Insurance Industry can determine if a business is a reasonable risk or a high risk. Getting a high-risk score is NOT a good thing. At the very least, it will mean higher premiums, or worse, denied coverage. Being classified as a reasonable risk will mean better rates when the policy is written.
So, this information is vital for an insurance agency to write or renew an Insurance Policy for a business. But there’s more to it than just writing the policy.
When a policy is up for renewal, or when a policy is written on new business, all the pertinent information contained in a Loss Runs Report must be communicated to the underwriter. If the underwriter doesn’t get the info by the agreed-upon deadline, the current agency or company runs the risk of losing that policy to another firm.
Our solution?
Let Rely Services do the work. We have a team of professionals steeped in the entire process of Loss Runs Reports. They’re up to date on the latest acceptable practices, have access to the newest information, stay in constant contact with insurance companies, have third-party investigators, and know-how to structure a report that will be delivered quickly and will meet the demanding guidelines underwriters use.
Rely Services.
Only The Best Insurance Loss Runs Processing Services Available
A partnership with Rely Services gives you access to all of our Loss Runs Processing Services.
Sending Claims Report to Underwriters
Once finished in the preferred format, we’ll send the report to the chosen underwriters.
Informing Underwriters About Non-Availability of Reports
Not finding any claims information is essential as well. If that’s the case, we’ll let the underwriters know.
Filing Loss Runs Requests to Previous Insurers
We’ll scour the history of a businesses’ former insurers, seeking all the available information on the claims filed against them.
Drawing Loss Run Data For Renewal of Policies
Only with a complete picture can an underwriter make an accurate quote, so Rely Services leaves no stone unturned when we investigate all possible sources.
Analyzing And Reviewing Reports
Once all the reports are received, we’ll sift through them and eliminate any duplication, and investigate any possible errors or misrepresentations.
Preparing Claim Reports After Analysis of Loss Runs
After Rely Services’ experts have compiled all the information, and determined it’s accuracy, we’ll draw up a Loss Runs Report.
Insurance Loss Runs Processing
Rely Services.
The Ultimate Outsource Machine.
It takes a team of qualified, skilled, and experienced professionals to work on a successful Insurance Loss Runs Processing project. This is precisely what Rely Services can offer you. And at a fee that will significantly lower your overhead and allow your key players to concentrate on their expertise – making money.
We are specialists in providing the quickest, most accurate results in your sector, and we can do it your way or ours. Plus, our employees are cross-trained in many skills so that we can keep your project on track.
We have stringent quality control and even a dedicated team of inspectors that make sure our work for you is accurate and complete. Third-party examiners have measured our error rate at less than 0.01%
When you partner with us, you’re collaborating with a highly trained team of professionals with proven industry experience, and a shelf full of industry awards. Our teams can save you capital, so you can invest it in expanding your enterprise. Our services include one of the most highly trained teams of professionals in the business. And we routinely save our clients 40% or more.
Our global reach can result in head-snapping speed for your project. Input, compilation, storage, and retrieval, our speed will astound you. Send us the work at the end of your day, and the completed report is on your computer the next morning.
Rely Services uses only the latest, cutting-edge software and hardware. Our team’s certifications are always up to date, and we pride ourselves on innovation and adaptability for our clients.
Why Not The Best? Rely Services!
Using Rely Services as your Insurance Loss Runs Processing Service partner will save you more than time and money. Since we are continually refining our business methods, our endless pursuit of perfection will benefit your operational practices. Contact us today for a detailed evaluation of the many ways we can make your business more successful.