Position Of Someone Who Works In Business For Fashion Companies Big Insurance Companies and the McKinsey Report

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Big Insurance Companies and the McKinsey Report

CNN anchor Anderson Cooper recently produced a two-part series on the business practices of the largest property/casualty insurance company and Allstate Insurance. It was the result of an 18-month CNN study of low-impact, soft-tissue injury accidents across the country. The series was later broadcast on CNN. The video links for the two episodes are listed below.

These three major insurance companies got together (add Liberty Mutual) and hired the legendary business consulting firm McKinsey and Company. McKinsey, in its usual fashion, looked at the business practices of insurance companies and made recommendations on how to increase profits in a report titled “The Three Ds: Delay, Denial and Defense.”

In delaying a claim, insurance companies put significant financial pressure on a policyholder or claimant. That pressure can force a policyholder or claimant to accept a much smaller settlement amount.

By denying a claim, insurance companies force policyholders and claimants to seek legal representation. Many personal injury attorneys are reluctant to take on a client for a small loss, as attorneys often work on flat fee schedules. Therefore, in the absence of good legal representation, policyholders and claimants are once again forced to accept “low” settlement amounts from insurers.

In defending a claim, insurance companies take the position of forcing the policyholder to go through the Appraisal process found in most policies. For this, it is necessary for each party to choose a representative, and then choose a representative and make a judgment. The agreement of two out of three choices constitutes the claim amount. But this will add a month to each claim process. The next step for the policyholder or claimant is to file a claim. This will add years to the final settlement…if they can find legal representation and pay for it.

Insurance companies have taken this position with the intention of making the legal process so expensive for personal injury lawyers that they are even more reluctant to accept new clients for smaller claims.

So far, the “Delay, Deny and Defend” tactics have been very successful for every insurance company that has adopted the tactic. Industry profits have increased significantly over the past few years, despite significant catastrophic events such as Hurricane Katrina and other Gulf Coast hurricanes since 2004.

Here are links to the CNN reports.

Anderson Cooper Part One

Anderson Cooper Part Two

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