Claim reports are prepared usually on a monthly basis for the insurers’ board of directors but could be quarterly. Report content may vary by insurer but generally will include the following basic information:
Reports will also cover financial data such as the expected value of open claims, claims payments made year to date and other data the board may require.
Trends are also commonly discussed in a board report to keep them informed of areas to watch and to assist in making future decisions to protect the insurer and its policy holders. An update on the claims department operationally (e.g., addition or change in staffing) may be commented on as well as any large exposures the claims department may be handling (e.g., a large fire to a dairy farm).
Reports can be as detailed or brief as required by the board of directors.
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