A UK based international drinks manufacturer with a diverse history of acquisitions found it was being targeted in the US in relation to claims related to sales of ‘alco pops’. It was finding it difficult to manage the volume of claims and notify the correct insurance carriers for each one. The main cause of this confusion was that many of the US subsidiaries had historically arranged their own insurance programmes. Essentially they were finding it tricky to trace liability claims.
What we did
Our Insolutions team association with Marsh Mass Tort in the US undertook an ‘insurance archaeology’ and insurance tracing exercise to identify and collect all available insurance policies across the various subsidiaries. We scanned these policies onto our ICE system to create a searchable electronic database of the policies and cover. The database was able to provide reports on individual carriers, insolvents and their impact on programme.
The client was also able to use the system to submit the claims to insurers, using the ICE claims management module.
The client now has access to a database of it’s legacy insurance programmes. It can run reports when it receives notice of a bar date or insolvency from a carrier and therefore assess the impact. It is able to manage the claims with the assistance of Marsh and the ICE system.
The manufacturer now has a streamlined and efficient way of obtaining the information it needs to notify claims to the correct insurers and receive payment, so reducing costs to the business.