A recent analysis by the insurance department in North Dakota has raised some red flags regarding how the North Dakota Insurance Reserve Fund manages claims from third parties.
The findings of the review indicate that an alarming 71.5% of these claims were closed without any form of payment being made.
Concerns Over Claims Processing
This staggering statistic casts doubt on the efficacy and fairness of the Fund’s claims processing methods.
The review suggests that the Fund’s current protocols may not meet the industry’s standards or best practices related to claims management.
Need for Improved Protocols
These insights point to a pressing need for the North Dakota Insurance Reserve Fund to rethink its approach to handling third-party claims.
It will be crucial for the Fund to assess its claims procedures moving forward, aiming for greater transparency and fairness for all parties involved.
Ensuring Fairness for Claimants
By doing so, they can better ensure that the interests of claimants are adequately addressed and that the Fund operates more effectively within industry benchmarks.
Source: Ambest
