This economy is forcing carriers to look at loss adjustment expenses much more carefully and directly. Its made us very popular, says Jeff Baker, President of MedSave, the experts in document retrieval, during a recent interview with the Insurance Advocate.
According to Mr. Baker, the national insurance carriers with whom they work are realizing that up to 18% of their legal bills are taken up with retrieval of documents, an area that is ripe for savings.
As MedSaves President, Bakers job is to walk into a carriers claims office and, together with staff, analyze legal expenseswhich are usually five pages of bills together with summaries of expenses. According to Baker, We have found that this simple, so-called clerical or administrative function can mean significant dollars in the overall cost of claims which is passed way down the line to consumers in the form of higher premiums. We attack this portion of the process to save carriers 66% on their LAEs and provide to them the safety that comes with knowing their bills are transparent and that they are operating at optimum cost levels.
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