Ineffective insurance claim management in businesses and insurance companies can result in the handling costs of any adverse event experienced by a business to far exceed what was initially anticipated.
The one thing nobody can do is stop the clock and rewind. With this in mind the only option is adverse event containment in the form of quickly assessed, managed and closed out cases.
There is a movie scene that always comes to my mind when I think of this process. The scene is part of Quentin Tarantino’s hugely successful Pulp Fiction from 1994. The particular scene involves Vince Vega, played by John Travolta, who accidentally shoots informant Marvin in the face (adverse event). His partner that day, Jules Winnfield, played by Samuel L Jackson, knew that stopping the clock and rewinding was not an option so he called in The Wolf, played by Harvey Keitel (Claims Manager). The Wolf, an experienced and knowledgeable claims manager contained the situation.
This scene, if a little grotesque, is an example of effective adverse event management. All businesses and insurance companies should have access to their very own ‘Wolf’ to act quickly in assessing, managing and effectively close out unforeseen adverse events.
If businesses and insurance companies follow Jules Winnfield’s example and bring in the right guy at the right time, the consequences and handling costs of adverse events can certainly be contained.
Posted By: Cathal Uniacke – email@example.com