Claims Consulting

Claims handling with extreme care.
Claims Consulting involves the evaluation and analysis of insurance claims data to provide insights on claims management, efficiency, and loss control. Insurance companies seek claims consulting services to optimize claims processes, detect fraudulent claims, and improve overall claims handling.

At SHMA, we understand the significant impact that insurance claims can have on businesses' financial well-being. Whether it's property and casualty claims, healthcare claims, or any other line of business, our Claims Consulting services are designed to help businesses navigate the complex world of claims management and optimize their risk management strategies. Our team of experienced Actuaries combine their deep understanding of statistical analysis, risk assessment, and financial modelling to provide insightful and data-driven solutions for your claims management challenges.

Work process

Data collection and analysis

The first step in our claims consulting process is to gather relevant data related to your claims history. This includes detailed information about claim frequency, severity, and the overall claims experience. By thoroughly analysing this data, our Actuaries can identify trends, patterns, and potential risk exposures that need attention.

Risk assessment and modelling

Our Actuaries excel at assessing risk and modelling potential future scenarios. We utilize sophisticated statistical techniques and Actuarial models to estimate the financial impact of different claim scenarios. This enables your business to be better prepared for potential losses and aids in setting appropriate reserves and premiums.

Claims projection and forecasting

Based on historical data and risk assessments, our Actuaries can project and forecast future claims costs. This forward-looking approach allows your business to plan and budget effectively, ensuring financial stability and continuity.

Claims optimization strategies

Our team works closely with organizations to develop tailored claims management strategies. This may include recommending improvements in risk control measures, implementing loss reduction initiatives, and exploring alternative risk transfer mechanisms such as self-insurance or captive insurance.

Measures to avoid fraud

Our claims consultants advise on fraud detection techniques and recommend measures to mitigate claims-related risks.

Performance monitoring and review

As part of our commitment to long-term success, we continuously monitor the performance of the implemented claims management strategies. Periodic reviews ensure that our client’s business remains on track and adapts to changing circumstances.

Benefits to the business

Enhanced risk management

By leveraging Actuarial expertise, businesses can gain a comprehensive understanding of their risk profile. This empowers them to make informed decisions to mitigate potential losses and secure their financial stability.

Optimized claims reserving

Accurate claims reserving is crucial for insurers and self-insured entities. Actuarial analysis ensures that appropriate reserves are set, preventing under-reserving or over-reserving, which can have significant financial implications.

Cost savings and efficiency

Implementing effective claims management strategies can lead to cost savings through reduced claim frequency and severity. Additionally, better resource allocation and strategic planning enhance operational efficiency.

Regulatory compliance

In the highly regulated insurance industry, compliance with statutory requirements is of utmost importance. Actuarial consulting helps businesses meet regulatory standards and provides expert guidance through compliance complexities.

Data-driven decision making

Actuaries rely on data-driven analysis and evidence-based insights. By incorporating this approach into claims management, businesses can make more informed decisions, leading to improved outcomes.

Better customer care

By providing a smooth and timely claims experience, customer satisfaction can be enhanced

How can it be done efficiently?

Collaboration and communication

Effective claims consulting requires open and transparent communication between our team of Actuaries and your organization. Understanding your business's specific needs and challenges is key to devising tailored solutions. By collaborating with other departments, such as underwriting and risk management, we can effectively implement claims management strategies.

Holistic approach

We take a holistic view of claims consulting, considering not only past data but also future projections and business objectives. This comprehensive approach enables us to offer solutions that align with your long-term goals.

Adaptability and agility

The insurance landscape is ever-evolving. Our team stays up-to-date with industry trends and regulatory changes, ensuring that our consulting services remain relevant and adaptable to new challenges.

Client education

We believe in empowering our clients with knowledge. Our team will explain complex concepts in a clear and accessible manner, enabling you to make well-informed decisions with confidence.