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Posted on November 2, 2011
That’s how Claims Journal editor Denise Johnson describes structured settlements in this insightful new article about resolving litigation claims. A former claims professional with Wausau Insurance, Johnson has firsthand knowledge and a clear understanding of the claims process – specifically, the growing demands placed on claims departments.
As Ms. Johnson explains:
At zero expense to the carrier, tax-free, and tailored to fit the needs of the claimant, structured settlements are a powerful tool claims personnel can use when resolving claims….
“The reason this is such a perfect tool for a personal physical injury claim is because most plaintiffs are claiming damages for future medical needs, future loss of earnings and future loss of consortium. A number of issues commonly found in the claims process can be addressed better by matching future needs with future dollars,” [NSSTA President Dan] Finn said.
While much attention paid to structured settlements focuses on how they help accident victims, an equally important facet involves how they benefit claims professionals. Specifically, a structured settlement offers both sides a creative alternative to all-cash negotiations to design.
Tomorrow, James Martin, JD, the Vice President for Commercial Liability Claims at CNA Insurance, will pick up on this topic in a speech at the NSSTA Fall Meeting in Austin. Martin will explain why CNA supports the use of structured settlements as part of the claims resolution process and how structured settlement brokers can assist claims representatives in accomplishing this objective.
If you have any questions or comments please email Peter Arnold at email@example.com.