Regulatory Compliance rewarding Self Insurance Customers

GB’s self insurance team has recently obtained an audit result of 100% for a self-insured client. The client’s claims management systems, policies and procedures were audited, with no non-conformances found.

Kate Fegan, GB’s National Manager for Self Insurance, said, ‘this is an excellent result, and is rarely seen. Our Team aim for over 90%, and while typically a result of over 95% is achieved, this is outstanding and validates the claims model and the oversight of our internal risk and compliance team.’

Like most GB claims units, the presence and regularity of external auditors is something that is part and parcel of the regulatory environment in which we operate.

GB employs a robust internal corporate governance discipline prior to any external audit being undertaken. This ensures that by the time of the external audit, claims teams have incorporated regular internal audits as part of their control programs to limit leakage and errors and ensure compliance with contractual, operational and regulatory requirements.

According to the auditor, the outstanding result achieved was additionally based on the following factors:

  • The maturity of the relationship between the client and Gallagher Bassett
  • The establishment of a close knit team operating as partners.
  • The adequacy of resources
  • A more effective and robust claims management system overall that has had a positive effect in reducing the number of active and open claims.

‘This result is due to the strong partnership that GB develops with our clients, combined with specialist knowledge of GB’s self-insurance team’, Kate Fegan said. ‘It’s a testament to our superior self-insurance knowledge and robust claims management practices and controls which ultimately results in positive financial outcomes and consistency for clients.’

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