• Provide talented and experienced claim team highly experienced in directing and managing insurance and reinsurance claims

• Ensure proper claim unit assignments and division of responsibility

• Establish staffing assignments, inventory and workload expectations

  Implement claims best practices and procedures

Claim Resolution

• Foster consistent focused claim resolution philosophy

• Standardize claims processes and workflows

• Provide supervisory and management oversight

• Give routine self-audits and training

• Provide litigation and vendor management processes

Maximize Risk Transfer, Special Investigations, Subrogation

• Assess and improve company claim data analytics and trends

• Verify close integration with reinsurance claims administration

Operational Management

Provide complete strategic and administrative support

• Focus on operational efficiency

• Optimize team collaboration to enhance the proficiency of processes

• Ensure compliance and effective risk management

• Optimize collections and portfolio reporting

Reinsurance Management

Experienced professionals fluent in current industry trends, with an international presence who, focus on crystallizing reinsurance assets for cedants, reinsurers, pool managers and companies under regulatory control

• Utilize comprehensive reinsurance processes & techniques that can identify any leaked or missing cessions

• Implement a structured recovery process which results in timely pursuit of reinsurance recovery, freeing up trapped cash thereby improving company capital and prevention of penalties

• Provide reinsurance audits, account reconciliations and dispute resolutions that limit unnecessary arbitration and litigation costs   

• Identify reinsurers with solvency issues and recommend commutation to eliminate credit risk and immediate cash infusion

• Evaluate troubled primary insurers and recommend commutation to avoid further liquidator concerns

• Assist with reinsurance settlement discussions and commutation pricing 

Commutations

Experts to help balance future earnings volatility with commutations and policy buybacks

• Maintain highly skilled commutation pricing team

• Actuarial analysis of risk

• Strategic finance and problem solving

• Identify, plan and execute favorable commutations of contracts or policy buybacks

• Inspection of company's records

• Evaluation of critical areas such as contract compliance

• Premium and loss cessions

Commutation strategy

• Carrick will develop a range of values following a detailed analysis of loss reserves & future expected development.

• This combined with objective audit findings results in favorable commutations.

• Carrick Holdings applies similar techniques for direct insurance to buyback policies and exposures such as asbestos and pollution, among other environmental exposures.

Achieve finality

• Eliminating future liabilities and claim volatility

• Freeing up capital and management resources

• Eliminating credit risks with companies that are considered insolvency risks

• Improving underwriting results with commutation prices less than reserves

Data and Technology

Secure and Efficient Cloud Based Insurance Management and Data

• Provide claim and reinsurance technology designed to support property and casualty run-off

• Utilizes a unique, simple to use, yet highly sophisticated Azure Cloud based Insurance Management System that provides instant access to our data and business intelligence anywhere in the world

• Efficient data conversion to retrieve and peruse our critical insurance claims, contracts, electronic documents and financial data in any location that uses the internet

• Secure access to a system that handles millions of dollars in transactions, records and centralized reports

• Cloud based system provides unique cost efficiency and flexibility. The system we use fuses and unifies data, then brings it all together in just one suite built for our re/insurance professionals

• Efficient data interfaces and fully integrated communications with external sources, reducing the need for data entry

• Automated issuance of claim checks (including recurring payments on Workers Comp books of business) coupled with in-system electronic document management

• Automated cessions of proportional and non-proportional reinsurance loss recoveries and automated Deductible Recovery Module built in

• Pre-written reports covering a wide range of users from accounting staff, claims staff to actuarial team leaders

Data Protection

• Carrick takes the protection of Personal and Claim Data very seriously and is compliant with existing U.S., U.K., and European legislation.