Editor's Note: The following article has been contributed by Brian M. Farrell, the former Director of Litigation Management for Aetna. Now retired, Farrell spent more than 44 years in the claims profession.
Over the years, claims handling has undergone significant transformation. Specialization by line of business, regionalization of claims operation centers, and a far greater reliance on technology are just a few of the changes we in the claims world have experienced. The typical claims adjuster role today is geared to working at a desk and successfully leveraging technology. In the past, there were considerably more claims field office locations, with adjusters spending significantly more time out of the office conducting all facets of claims handling face to face.
Unfortunately, as our world evolves, many claims professionals may not be taking advantage of time-tested tools used in the loss resolution process. This is especially true as it concerns the use of structured settlements. About a year ago, I was briefing the head of claims at a major casualty company concerning a high-value case on which I was brought on to review. As part of the settlement strategy, I recommended starting the negotiation with a combination of cash and a structured settlement.
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