Financial Index
Initial incurreds are due by day 30, but Travelers has an expectation initial reserves are set by day...?
What is 25.
Resources to remind us of this:
1. Reserve report is used up to day 24 to avoid any late reserves
2. Repository - Training - FI index
3. Team Tracker - Lays out reserves due for week through Sunday
4. Dashboard - initial incurred prompt on day 25
You've accepted liability for a loss, the claimant confirmed they are filing 1st and have provided you with their carrier's information. Where should this information be added?
What is the participant screen
Reason: this is a known party who has a financial interest in the claim. We are anticipating AS demands, so add the CC to the PS ASAP.
Coaching tip - having the CC in the PS saves you time from scrolling through file notes looking for this info.
Per Knowledge Guide & our office strategy surrounding outstanding contacts, on a first day of a new notice, how many times should we attempt our initial contact?
What is 2 attempts.
Resources/Tips
- Days 2-10 of o/s contact - 1x ctc attempt should be made
- Day 10 for an insd - draft ROR for UM review; Day 21 for an insd - get TIS involved; Day 30 - discuss w/UM on waiving/coding.
- Clmt ctcs should be pursued through clmt directly and CC
When processing a Hertz rental invoice, one must process the payment through Hertz and do what else to ensure the invoice is paid?
What is manually issue the Hertz payment through the claim.
Resources/Tips:
- Hertz and ERAC are NOT IRS reportable
- Repository - ePay training slide deck
A total loss settlement email is received on a Monday, the expectation this is addressed is what.
What is same day/next day
Resources/Tips:
- Repository - FI training slide deck under trainings tab
- Dashboards - estimates are uploaded on the right side of our dashboards
These two types of body shops would not be considered IRS reportable.
What are INC and Corp
Resources:
1. FI & ePay trainings in Repository
2. Cheat Sheet in Repository
A police report was received on your claim, but it was not needed to determine liability as this was clear cut against the 3rd party. The subfile is closed, but you notice the CVO and CVD are different. Do you need to update this information?
What is yes.
This is vital information to the file. We want to identify all parties to the claim. This helps to manage and fully understand all potential avenues of exposure to both the insd and TIC.
Resources:
1. IA training in Repository
2. Closing Sheets
What contact methods should you utilize to secure an initial contact? Name 3 out of the 6 methods IDed.
What are warm transfers, phone calls, text, email, letter (s), TIS
additional resources:
- C360 (Insd)
- Find a claim
- ISO/DNET
- PRs
This is the proper coverage kind when issuing out rental payments for the insured.
What is Rental Reimbursement.
Resources/Tips:
- Repository - rental slide deck
- Policy/coverage review per claim
A New York State insured has reported an accident to us involving a phantom vehicle striking the IV while it was parked and unoccupied. The insd has 1st party coverage and payments were made to make them whole. The insd submits a DIV claim. What should you do?
What is deny the DIV claim as NYS does not recognize 1st or 3rd party DIV claims.
Resources/Tips
- Repository --> Appraisal --> Diminished Value (DIV) Claim Handling
- NJ state insd can present a DIV claim under their UMPD coverage. This should be reviewed with your UM
An ePay test payment of $500 must be completed prior to issuing any payments over this amount.
What is $10,000
Resources:
1. ePay and FI trainings in Repository
2. Appr section of Repository has an ePay section with additional resources
There are 3 required components of all appraisal screens, name 2 out of 3.
What are the point of impact, drivability, and airbag deployment
Resources:
1. IA training in Repository
2. Monthly SR debrief
Reason we need these filled out properly is to establish the proper PMOI channels to optimize claim handling
If communicating with a customer via electronic methods, what method should be summarized in the file notes?
What is email.
Resources/Tips
- ALL emails should be uploaded to FC (you can use the "Link Document" feature to tie a note specifically to the upload
- Text messages can be copied and pasted directly into file notes
- Email subject lines should include the claim # & underwriting Travelers' company
- Email written statements can be used for initial ctc - should reflect the date & time rcvd when updating ctc screen
In NJ only, when the claimant only has liability coverage, we can assume the additional cost of covering the CDW if we are accepting liability. What are you required to secure in order to afford this?
What is a copy of the claimant's insurance DEC page to confirm liability only.
Resources/TIPs:
- In Repository - rental slide deck
What is a written DOP.
Resources/Tips
- DOP requirement follows the state the shop operates in, not the residence of the customer
- Repository --> Letters Tab --> Written DOP -- can utilize this letter to the customer to expedite the securing of the written DOP for payment purposes
You've identified red flags through your investigation and have made a TIS referral. TIS is looking to expense the file for their work. What is the initial reserve amount you should be setting?
What is $1,500
Resources:
1. FI and TIS trainings in the Repository
This part of the PL rating screen is a required field, and yet, many people will close the file leaving this in an estimated value.
What is the Negligence Percentage
Other required fields for the PL rating screen:
- PI Rating Code, Driver, Ride Sharing, Garage Location, Course & Scope (BI only)
Resources:
1. IA training in Repository
2. Closing Sheet
While securing an initial contact with the insured in which they confirmed they rear ended another vehicle, they indicated they were injured and so were their two passengers. After speaking with all injured parties, you now must set up the proper subfiles to address the exposures, what subfiles are needed?
What is an FPM file for the insd, an FPM and BI subfile for each passenger.
Resources/Tips:
- If after s/w the IVP(s) & confirmation no BI claim being pursued, document file why only opening FPM exposure.
- Injury template in repository
The insured utilized their rental coverage for 10 total days while their vehicle was being repaired. The insured's rental limits are $30/900. The insured rented a vehicle at $45/day, leading to a total rental bill of $450. The insured has requested to be reimbursed in full. What amount do we owe the insured for their rental?
What is $30/day up to 10 days for repairs = $300
Resources/Tips
- We cannot pay above an insd's daily PL regardless if the total rental bill is less than the total rental allowance
- Use the intro email in the repository to outline all rental expectations and what will be covered.
Agero tow invoices appear on our dashboards every Thursday. What is the proper coverage kind to issue payment under?
What is Collision Accident Scene Tow.
Resources/Tips
- All other tows should be paid under the corresponding cov kind per the loss facts/subfile exposure
- Repository --> Appraisal --> Agero
Regardless of if we receive an estimate, supplement, or TL settlement, we have how long to review and pay, delay, or deny it?
What is 24 bus hours (also acceptable - same day, next day)
Resources and Tips:
1. NY - Reg 64 requires a delay ltr to be sent if not paying w/in time frame
2. NY - Verbal DOP is okay for SOC - secure on 1st ctc
3. NJ - Written DOP required for SOC - secure after 1st ctc using written DOP in Repository
4. Dashboard prompts appr and it's due date
5. FI training in Repository
The responsible party screen requires up to 6 items to be added to your subro referral prior to the referral being accepted. Name 4 of the 6 items.
What are
1. CVO name, address, phone #
2. CVD name, address, phone #
3. CV plate #
4. CV VIN #
5. CC name
6. CC policy or claim #
Resources:
1. Subro training in Repository
2. Closing Sheet
For commercial losses, when we have an accord from the agent on file, name 4 out of the 7 fields that must be completed if we wish to code the contact based on this?
What is the name of the IVD, relation to the company, status of working at TOL, if permissive use granted, ownership of IV, policy #, and IVD's narrative of FOL.
Tips/Resources:
- Contact training slide decks in Repository
- Review this first thing - quickest ctc possible
- We still need to f/u w/the insd ctc to verify covs & to r/o if dmgs to IV. Must discuss liab position and providing closing notice as well
- Ctc to be coded back to the accord upload
- Email is a great way to secure initial ctc w/BI insds
A loaner vehicle is not the same as a rental vehicle as there is normally no money exchanged between the loaner and the customer of the vehicle. What are the two required documents we must obtain prior to determining if coverage is afforded.
What are the loaner agreement and loaner company's DEC page
Resources/Tips:
- Repository - Rental vs. Loaner section
An okay to pay note was entered under the insured's subfile after contact was made. Name 4 of the 7 required components of the okay to pay note.
What are Coverage, Coll/Comp deductible, RR limits, Lienholder info, payment method, payee, rental ticket info
Resources/Tips
- Repository - Appraisal tab --> Okay to pay note