Loss adjuster launches the Strategic Loss Management product to tackle big incidents
Crawford & Co has launched a product that will help the loss adjuster tackle an increasing number of “mega loss” claims.
Following 12 months of pilot programmes, the Strategic Loss Management (SLM) product was launched last week, specifically tailored for disasters costing £5m or higher.
The loss adjuster said SLM was developed with the knowledge that the industry would continue to be faced with more frequent mega losses due to an increase in environmental and natural disasters, poor construction materials and the changing nature of risk.
Peter Shaw, director of global technical services for Crawford, said: “When you look at all the different facets we’ve brought together under one approach, I don’t think anyone else has done that.”
SLM, which includes a team of 10 managers, a panel of external experts, sophisticated reserving templates and a transparent cash-flow tracker, was put ino action for the first time during the recent fire that engulfed the Royal Marsden Hospital – with an estimated loss of tens of millions of pounds.
Elements of the product were also used by Crawford adjusters during the summer flood catastrophes.
SLM was also developed to address criticisms of the lack of transparency within the loss adjusting industry by allowing insurers and policyholders to better track the claims process.
Shaw said they would also look to use SLM for smaller losses in the future.
He said: “Once the value has been demonstrated, we would like to see it introduced for lower losses as well.”
Crawford handles about 50 mega loss claims each year worth around £5m.
‘ See online analysis: large loss expansion at: www.insurancetimes.co.uk
