Once a Program goes into runoff it is imperative that adequate resources continue to be dedicated to the handling of outstanding claims. A failure to pro-actively manage a tail portfolio creates volatility and immediate risk to the bottom line.
Praxis can provide either complete runoff oversight or periodically review the TPA's claim files to determine if the claims files in runoff are being pro-actively handled.
Review of the runoff book can be focused on but not limited to:
- Adequate reserving/exposure
- Reserve redundancy
- Liability development
- Potential recoveries
- Large loss reporting
- Diary reporting & supervision
- Litigation management
- Disposition Plan
- File closing opportunities
Any action plans developed as a result of a review can be monitored by either you or us to insure compliance.