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Industry

Insurance

Job Title

Claims Manager

Role

Evaluating and processing claims against client's policies

Data

Vessel Data, Vessel Movements Data, Casualty Data, Geospatial Data, Port Data

Insurance

The marine insurance industry provides coverage for risks related to transportation of goods and people via waterways, including ships, boats, and other vessels. It helps protect against losses due to damage, theft, accidents, and other perils that may occur during transit.

Role
Data

A marine insurance claims handler is responsible for managing the process of handling and settling insurance claims related to marine incidents. They work with various stakeholders including; brokers, shipowners, surveyors, lawyers, and other parties to assess claims, determine liability, and negotiate settlements. The full workflow of a marine insurance claims handler typically includes the following steps:


· Claim notification: The claims handler is notified of a claim by the insured or the broker. They will typically obtain information about the incident, including the date, location, and nature of the loss or damage.


· Initial assessment: The claims handler will conduct an initial assessment of the claim to determine if it falls within the terms of the policy. They will review the policy wording, any endorsements, and exclusions to determine if the claim is valid.


· Investigation: If the claim is deemed valid, the claims handler will initiate an investigation to gather all relevant information about the incident. This may involve interviewing witnesses, reviewing documentation, conducting inspections and/or reviewing data on the vessel’s previous activities around the time of the incident.


· Damage assessment: The claims handler will assess the extent of the damage and determine the cost of repairs or replacement. They may work with surveyors and other experts to evaluate the damage and estimate the cost of repairs.


· Liability determination: The claims handler will determine liability for the incident. This may involve analysing data and information to determine the cause of the incident and any contributing factors.


· Settlement negotiation: The claims handler will negotiate with the insured or their representatives to reach a settlement. This may involve discussing the extent of the damage, the cost of repairs or replacement, and any other relevant factors.


· Settlement payment: Once a settlement has been reached, the claims handler will arrange for payment to the insured or their representatives.


· Claims closure: The claims handler will close the claim once all settlement payments have been made and all documentation has been completed.


Throughout this workflow, the marine insurance claims handler is responsible for maintaining accurate records of all transactions, communicating with stakeholders, and ensuring that all relevant regulations and guidelines are followed. By effectively managing claims, they help to ensure that insured parties receive timely and fair compensation for losses or damages sustained in marine incidents, and will be judged accordingly by brokers/owners when it comes to renewal.

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Marine Insurance - Claims Handler

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