WRI's Jennifer Lee Shares Her Insights On P&C Insurance Claims With The Insurance Business Review
Property And Casualty Insurance Claims
by: Jennifer Lee, Director of Claims at Wye River Insurance
Reflecting on my journey over the past decade in property and casualty insurance claims advocacy has been a dynamic ride filled with challenges, learning moments, and great experiences. Handling a myriad of insurance claims across various lines of P&C insurance has provided me with invaluable insights into the nuances of risk management, client advocacy, and the intricate works of the insurance industry.
P&C insurance forms the backbone of protection for businesses and individuals against financial losses due to property damage, liability claims, and other unforeseen events. In the real estate and construction sectors, where risks are heightened due to the nature of operations and the value of assets involved, insurance plays a pivotal role in safeguarding investments and ensuring business continuity.
Wye River Insurance, an affiliate of The Bozzuto Group, specializes in insurance and risk management for the real estate and construction industries. Working as a Director of Claims for WRI, I’ve had the opportunity to handle a wide range of insurance claims – from property damage, to liability issues, to complex construction related disputes. And one of the most significant lessons I’ve learned is the vital role of proactive risk management in minimizing potential losses. By meticulously reviewing insurance policies, identifying coverage gaps, advising our clients on appropriate coverage limits, and conducting frequent claim reviews to highlight any trends, WRI was able to anticipate risks and better protect our clients’ interests.
Navigating the claims process can be complex, especially in industries where the stakes are high. From property damage claims resulting from natural disasters to liability claims arising from construction accidents, each case demands a tailored approach. Building strong relationships with adjusters and legal experts has been instrumental in achieving favorable outcomes for our clients.
Based on my experience, I would like to offer the following advice to my fellow industry professionals and clients:
Know Your Coverage. Take the time to understand the specifics of your insurance policies – what’s covered, what’s not, and any limitations or deductibles that may apply. Knowledge is power when it comes to insurance claims.
Document Everything. Detailed documentation is your best defense in the event of a claim. Keep records of all communications, photos, videos, and any relevant contracts or agreements.
Proactive Risk Management. Work closely with your insurance advisor to identify potential risks and implement strategies to mitigate them. Conduct frequent claim reviews to identify trends and implement changes to prevent similar incidents from occurring. Prevention is often more cost effective than dealing with the aftermath of a claim.
Choose Your Advocate Wisely. Choose an advocate with a proven track record of success in claims advocacy. Experience and dedication to a client’s needs are key factors in achieving positive outcomes.
Effective Communication. Clear, timely communication is crucial. Keep clients informed throughout the claims process and manage expectations realistically.
Stay Informed and Adapt. The landscape of P&C insurance is constantly evolving. Stay updated on industry trends, regulatory changes, and emerging risk to ensure that your insurance strategy remains effective and relevant.
My journey in P&C insurance claims has been a continuous learning experience, shaped by shifting industry trends and a passion for client advocacy. It is our responsibility, while navigating future challenges, to ensure those we serve are well prepared and protected against any unforeseen risks. We at WRI remain committed to delivering exceptional service and strategic guidance.