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Miller’s claims team recently negotiated a successful settlement on a substantial stock through-put claim that was originally denied in full by the insurer.

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Insurance Case Study: Recovering from Property Damage & Employee Injury

Society’s insurance case studies are real-life stories, explaining complex business situations from start to finish. These stories detail how business owners and insurance companies work together to overcome unique and unexpected challenges.

In this case study, an accident caused by a customer resulted in serious employee injuries and significant property damage.

At about 6:30 p.m. on Wednesday, July 23, 2014, a patron was leaving a pub in southeastern Wisconsin. Intending to pull straight out of his parking stall, he accidentally put his vehicle into reverse and accelerated, backing into the building and caving in the wall. Meanwhile, inside the pub, an employee was serving drinks from behind the bar, which is near a cooking area with a broaster. Suddenly, scalding hot grease erupted from the broaster, splashing everything nearby. The vehicle had hit the wall that contained the cooking equipment, causing serious injuries to the pub employee and significant damage to the building.

CLICK HERE for complete details on what happened next.

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To find out how Society can help your business, visit societyinsurance.com to find an agent and request a free quote .

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Home » Business » Navigating Adversity: A Case Study in Effective Claim Management

Navigating Adversity: A Case Study in Effective Claim Management

Claims with an edge, what you need to know.

My name is Steve Ryan and I wholly embrace my employer’s core principles:

• Do the right thing.
• Solution driven.
• Client focused.

For me, it’s a matter of character and integrity.  Here is a case study on how I helped a client.

BACKGROUND:

Our insured owns the largest high-rise building on Main Street in Worcester. Smack dab in the middle of the holiday season, the day after Thanksgiving, they suffered an electrical control panel fire in the basement that filled 13 stories of their building with soot. Every square inch of surface area hand to be hand-cleaned with 5” sponges to get back to “normal”.

Get 28 commercial tenants back in their space as quickly as possible. The initial estimates ranged from 6 -8 months.

• On-site visit 4-days post-loss to get a lay of the land. Ever climbed 13 stories in a blacked-out stairwell only lit by your cellphone’s flashlight? A testimony to my Motorola G-Play – the battery lasted more than 3 hours.
• Arranged a meeting with the remediation vendor, electrical contractor, and insurance adjuster to coordinate efforts, set expectations and establish milestones.
•  Garnered a $750k advance in week one on a 6-million-dollar projected loss so the insured could place deposits to get the vendors working.

GAMEPLAN (SOLUTION):

• Instructed the insured to set up a separate bank account and General Ledger account to track expenses and cash flow related to the loss.
• Contacted their 28 tenants to invite them to use our remediation vendor, so we didn’t have 29 vendors crowding the space. (Note: the tenant’s business personal property was their own responsibility). 26 tenants agreed with that logic.
• Met with the insured on-site, biweekly for the first two months to track progress and fine-tune the plan.
• Instrumental in keeping the funds flowing according to our plan and not being subservient to the carrier’s agenda.

We were successful in getting the insured’s tenants to begin moving back in starting within 2 months and fully occupied before the end of 3 months.  50% ahead of projections.

Then getting the insured moved from “temporary” National Grid power to “permanent” was an ongoing struggle, replete with its own hurdles.  Wrestling with National Grid, state and local inspectors and dragging the carrier to deliver on their “promise to pay” (the Insuring Clause of an insurance policy), we bumped into the tolling period on a property policy – 2 years in Massachusetts. We were able to negotiate a 6-month extension to ensure things got wrapped up.

In the words of Kermit the Frog, “it ain’t easy being green”. Accept your fate and move on; Green is good. I was glad to be party to a successful resolution in the face of adversity. I derive satisfaction and solace from the knowledge that I helped a client navigate through bad times.

I am humbled by their appreciation of me just doing my job and happy they perceive me as a worthy partner. I am grateful to IMA for the opportunity to do what I love.

Holiday Season Insurance Claims

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The objective of this case study is to perform exploratory data analysis and hypothesis testing on insurance claim data to gain insights into patterns and trends in insurance claims. The goal is to extract meaningful information from the data and provide actionable insights that can be used to make data-driven decisions.

viveksangitaraut/Python-Foundation-Case-Study-3-Insurance-Claims-Case-Study

Folders and files, repository files navigation, python-foundation-case-study-3-insurance-claims-case-study, business problem:.

The business problem this case study aims to solve is how to understand insurance claim patterns to identify opportunities to improve business operations and the customer experience.

Data Availability:

The data required for this case study may be obtained from various sources, such as insurance claims records. It is important to ensure that the data is relevant, accurate, and complete.

Historical Data:

Historical data can be used to analyze insurance claim patterns over a period of time and identify trends and patterns that can be used to make informed decisions.

Tools Used:

The tools used in this case study include Python, Pandas, NumPy, Matplotlib, Seaborn, and Scipy.

Skills Used:

The skills used in this case study include data cleaning and preparation, data preprocessing, exploratory data analysis, statistical analysis, and data visualization.

Techniques:

The techniques used in this case study may include data preprocessing and cleaning, exploratory data analysis, hypothesis testing, statistical analysis and modeling, and data visualization.

The metrics used in this case study may include claim frequency, claim severity, loss ratio, and combined ratio, among others.

As a data analyst, my role is to analyze the insurance claims data and identify any patterns or trends that can help in making data-driven decisions. I will also perform hypothesis testing to validate any assumptions or hypotheses made about the data.

Steps Performed:

Data cleaning and preparation Exploratory data analysis

Challenges:

Some of the challenges that may be encountered in this case study include dealing with missing or incomplete data, selecting relevant features and variables for analysis, ensuring the accuracy and validity of the analysis results, and communicating the findings in a clear and concise manner to stakeholders. Additionally, it may be challenging to balance the need for accuracy with the need for interpretability in the analysis results.

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