Loss portfolio management and claims handling

GLARUS Ibérica provides advanced claims handling and loss portfolio management services, including the planning, management, monitoring and full control of the loss portfolio settlement procedure

Handling of ongoing portfolios
Handling of claims affecting ongoing businesses
The client’s targets are:

• To avoid the creation and/or maintenance of an internal and specialized structure with permanent internal allocated costs

• To focus its internal team in specific business areas.
To get extraordinary handling support in cases of peaks in activity

Handling of run-off portfolios
Handling of claims concerning discontinued business, without new underwriting or subject to separate handling from remaining business. This service can be linked to transactions for transferring the risk of loss portfolio development
The client’s targets are:

• To focus internal resources on ongoing business or specific areas of future development

• To facilitate corporate decisions: selling, loss transfer, business discontinuity, closing of branch offices, etc.

• To reach protection for the risk of future development of the loss portfolio, optimizing the cost of required capital by implementing specific reinsurance covers

Loss portfolio risk transfer

GLARUS Ibérica delivers complementary services for the analysis, implementation and execution of solutions concerning loss portfolio risk transfer:

• Loss portfolio analysis and assessment

• Selection of the subject portfolio (i.e. loss tail) to which to implement loss transfer solutions

• Professional support in identifying and designing cover opportunities: always with top level guarantees

• Planning and execution of the loss portfolio settlement

Total or partial transfer of the risk affecting future development of the loss portfolio provides clients:

• Security about ultimate cost of the portfolio

• A prevision on the loss portfolio settlement rate, including payout pattern and cash requirements during settlement procedure

• Efficiency and optimization of the cost of capital to be allocated to the loss portfolio
 

Loss portfolio analysis and assessment & consulting

GLARUS Ibérica supports its clients in reviewing, analyzing and assessing loss portfolios:

• As an independent service, providing a professional and specialized opinion about qualitative (claims management processes) and quantitative (adequacy and sufficiency of claim reserves)

• As a complement or preparation of loss portfolio risk transfer transaction

As a result of the experience of GLARUS Ibérica’s team in the management, settlement and assessment of claims portfolios, our clients are also interested in other related services:

• Specialized actuarial studies

• Structure of claims department, internal workflows and handling rules

• Selection and training of handling teams

• Specialized handling of recovery claims: subrogation, repetition, salvages. Including assessment of expected reserves
 

IT claims handling support

GLARUS Ibérica holds a specialized IT tool, fully adapted and customizable accordingly to the needs and requirements of its clients

• It allows total outsourcing, the client does not need to maintain a specific IT system for the business handled by GLARUS Ibérica

• GLARUS IT system is adaptable to the client needs: required fields, database structure, mandatory information, etc.

• The client is allowed to have online access to GLARUS Ibérica claims handling system in order to monitor or supervise claims handling

• Taylor-made feed back: its periodicity and content is defined in co-ordination with the client. Database results and queries can be defined in accordance with client requests. Furthermore, the client can get this information directly through its online access.