For Claims Professionals

BRIDGE THE GAP BETWEEN CLAIMANT’S EXPECTATIONS AND UNDERWRITERS’ BUDGETS

In all cases, leveraging the payout of structured settlements maximizes the value of every settlement dollar for all the parties. By using the time value of money, rated age pricing and flexible designs, structures can provide guaranteed, tax-free financial plans tailored to the needs of the claimants. Studies indicate that most adjusters believe that a claim is more likely to settle if a structure is introduced.

PROVIDE THE INJURED INDIVIDUAL WITH AN OPPORTUNITY TO TURN PROCEEDS INTO LIFETIME SECURITY

According to studies and surveys, most claimants exhaust benefits meant to last a lifetime (see) and often cannot pay for necessary future costs like medical expenses (see). Structures offer flexible guaranteed future payouts uniquely tailored to the injured individual.

DO THE RIGHT THING FOR THE INJURED INDIVIDUAL

Structured settlements are designed to address specific needs with a customized, tax-free, income-driven financial plan. The annuities are secured by well-capitalized, highly-regulated life insurance institutions (see). Structures also afford protection from premature dissipation, loss of needs based entitlements, misuse, bad investments, market volatility, recessions and product risk (see).

DO THE RIGHT THING FOR YOUR CLAIMS ORGANIZATION

Structured settlements offer the prospect of more accurate reserve allocations and analysis, and ultimately the ability to move liabilities off the books. We can bridge the negotiation gap and push past issues that stall settlements. In fact, studies indicate that most adjusters believe that a claim is more likely to settle if a structure is introduced (see). Harnessing the tax benefits with funding flexibility provides more options for a fair and reasonable settlement outcome for all parties (see). Structures also represent good faith bargaining, a crucial legal standard in many states (see) (see).

PROVIDE EVEN MORE BENEFITS TO THE INJURED INDIVIDUAL

Structures protect the funds of needs-based entitlement programs. Since the payments are not assets, Medicaid, AFDC and SSI will likely be unaffected by the annuity (see). They also provide freedom from probate as well as creditors, including those arising from divorce and bankruptcy.

Be sure to review the Settlement Checklist for Claims Professionals

DEFINES A “SERVICE LEVEL AGREEMENT” WITH YOU

Call us at 1 844 600 NOVO. You can also logon to our Compass system 24/7 to generate estimated quotes, access existing case materials, view data, read our blog and review our library of topics and articles. We are more accessible than any other broker in the business.

PROVIDES SIMPLE, FLEXIBLE PROCESS TO CREATE QUOTES

Our patent-pending Compass system generates you instant settlement estimates with just a few fields of information and allows you to change and customize each quote with a few clicks of your mouse. In addition, initial estimates of cost and value are available without the need to contact a broker.

PRESENTS SIMPLE, GRAPHIC QUOTES TO CREATE CLARITY FOR THE CLAIMANT AND COUNSEL

Our Chronographs include a visual display of the long-term value and specific financial path of each proposal. They display and compare life companies and their ratings/profiles for complete transparency and clarity.

FUELS REAL-TIME NEGOTIATIONS

Estimates are completely interactive and based on real-time life company pricing. You can produce an extremely accurate quote with the click of a mouse. This enables you to fold structures into a real-time negotiation process without waiting for a call or email.

ELIMINATES SMALL CASE “ORPHANS”

By removing the time delay and friction from the process, we are able to produce structures more efficiently and welcome cases of all sizes.

TURNS THE TRANSACTION INTO DATA

With our system, each quote, each settlement and each transaction provide insights for the future. The more cases we work on, the more custom analytics we provide.

LEVERAGES BROAD AND DEEP EXPERTISE

The Chronovo team represents a diverse, nationwide group of sales professionals, compliance counsel, experienced case advocates, economists, financial planners and traditional brokers, all augmented by a highly skilled IT staff. We are all here for you.

Claims Professional Settlement Checklist

Ask yourself:

Is there a gap between your claimants’ wishes for the amount of the settlement and the value of the claim? Have you thought about a structured settlement to bridge the gap?

Does your claimant/plaintiff know that a structured settlement can be designed to become a college funding plan and/or a retirement plan, as well as circumvent any probate challenges? Do you know that we can show them how that works in less than five minutes?

Have you compared the tax-exempt, cost-free performance of a structured settlement with the risk-based approach of a typical investment plan? Do you know that Chronovo can provide a real-time comparison for you in minutes?

If the claimant/plaintiff relies on any needs-based benefits, have you explained that the structured settlement enables him/her to benefit from the settlement without impacting those benefits?

Does the claimant/plaintiff have any possible challenges with creditors from bankruptcy, divorce, or other proceedings? If so, have you explained that a structured settlement will keep these benefits safe from attachment?

If there is a minor involved in the claim or dependent on income from the claim, do the claimant/plaintiff and counsel know that a structured settlement can ensure that the proceeds of the settlement are spent appropriately on medical care and that the cash will be scheduled and accessible for them?