24 - Innovating Claims Handling: Navigating Legislative Changes and Trial Lawyer Tactics
Navigating the Complex World of Insurance Claims: Insights from an Industry Expert
As the host of "Insurance Claims Innovation," I have the privilege of engaging with some of the most knowledgeable and influential figures in the insurance industry. In a recent episode, I sat down with Sarannah McMurtry, EVP and General Counsel at First Acceptance, to delve into the intricacies of insurance claims and the evolving landscape of the industry. Here, I share the key insights and lessons from our enlightening conversation.
From Law School to Insurance Law Luminary
Sarannah McMurtry's journey into the world of insurance law began in law school, where she developed a keen interest in the field. Her career path led her to specialize in insurance defense, focusing on coverage-related and bad faith litigation. Her expertise and dedication eventually brought her to Nashville, where she transitioned to an in-house role as a claims counsel for First Acceptance.
The Role of a Claims Counselor
In her role, Sarannah provides indispensable legal advice and support across the entire claims operation. She plays a crucial part in training adjusters on the nuances of drafting coverage letters, reservation of rights letters, and, importantly, how to steer clear of bad faith setups. Her experience has underscored the significance of understanding the unique laws and regulations of each state, a challenge that is magnified when handling claims in multiple jurisdictions.
Proactive Claims Handling in Non-Standard Insurance
Our discussion highlighted the particular challenges faced by non-standard insurance companies. Sarannah emphasized the importance of proactive claims handling, especially when dealing with limited coverage and the inventive strategies of trial lawyers. Timely communication and thorough training for adjusters are key to understanding unfair settlement practices and state laws, which are vital in avoiding bad faith exposure.
The Battle Against Aggressive Trial Lawyers
Sarannah shared her experiences with trial lawyers who use aggressive tactics, such as issuing unreasonable time-limited demands and imposing communication restrictions. These situations require adjusters to be adept at navigating to prevent bad faith litigation, a growing concern in states like Florida and Georgia.
Legislative Changes and Their Impact
We delved into the impact of legislative changes on claims handling, with Sarannah providing insights into recent developments in Georgia. These changes aim to curb hyper-technical tactics employed by plaintiffs' attorneys and establish clear criteria for settlement demands. Such legislative efforts are crucial in shaping fair and effective claims processes.
Industry Trends Affecting Insurance Premiums
The conversation also covered broader industry trends that influence insurance premiums. We discussed the effects of supply chain issues, rising vehicle repair costs, and changes in accident severity. Sarannah and I agreed on the importance of educating the public about these factors to foster a better understanding of insurance costs and the claims process.
First Acceptance's Rebranding and Resources
As we wrapped up the episode, Sarannah provided an update on First Acceptance's rebranding efforts and directed listeners to the company's website for more information. This rebranding reflects the company's commitment to staying at the forefront of the industry and serving its customers effectively.
Conclusion
The world of insurance claims is complex and ever-changing, with legal challenges and industry trends constantly reshaping the landscape. My conversation with Sarannah McMurtry offered a deep dive into the nuances of insurance claims handling and the importance of staying informed and proactive. For anyone involved in the insurance industry, understanding these dynamics is crucial for success. I hope this blog post, derived from our podcast episode, has provided valuable insights into the sophisticated world of insurance claims innovation.
