No Signature Required: A Beneficial Solution for Legacy Widows’ Claims

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Claims professionals are paid to navigate difficult situations. Among the most difficult of these challenges is an untimely, work-related death. In addition to the experience of sadness and shock, most workers’ compensation statutes create a lifetime of financial obligations that must be evaluated and distributed to the widow, widower and/or dependents. Introducing settlement options at these fraught times is hardly ever met with enthusiasm, even several years after the death. Many surviving family members struggle as their loved one is reduced to a number on a check and find it easier on an emotional and practical level to continue receiving weekly payments. [...]

CEO KEN PARADIS POINTS TO TRANSFORMATIONAL CHANGE FOR THE CLAIMS INDUSTRY

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In a recent interview with Work Comp Pulse’s Steve Schmutz, Ken Paradis identifies an array of Chronovo’s innovations that are resulting in far more successful settlement outcomes. In this latest episode in a series of interviews with leading professionals who comprise the industry’s “heartbeat,” Ken’s shares his unique insights on an industry long overdue for new approaches and renewed optimism. He brings clarity to a subject that has been mired in misconception and complexity. [...]

MISCONCEPTION #5: “Structures only matter in big, complex cases.”

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Not so! In fact, structures bring benefit and balance for small cases too. A critical option for funding a financial path forward for a seriously injured individual or a family that loses a loved one, structured settlements also provide safe, scheduled, tax-free payments and medical expense coverage for smaller claims too. For example, structures coordinate and safeguard benefits. A $36,000 lump sum settlement from an automobile liability case can terminate eligibility for Medicaid for a family of four. [...]

CHRONOVO CONVO #3: Kelly Webb, National Director of Claims, Albertsons Companies

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CHRONOVO CONVO #3: Kelly Webb, National Director of Claims, Albertsons Companies Industry leaders are a wonderful source of perspective on the opportunities and challenges that claims professionals face every day. Kelly Webb, National Director of Claims, Albertsons Companies, shared her thoughts about new technology and the continued importance of soft skills. Chronovo: What’s your background and current position? Webb: I started in the insurance industry in 1980 as a workers’ compensation claim examiner. [...]

Misconception #4: “Structures have limited potential.”

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Unlimited in their potential, structures ensure income. No gimmicks, no tricks. Like gifts that keep giving, they can provide tax-free payments on a specific schedule for a lifetime and even an inheritance beyond. Plus, because of their special status under state and federal law, payments are frequently immune to the impacts of bankruptcy, creditors, divorce, dips in the stock market and other factors that can make a lump sum disappear. [...]

CHRONOVO CONVO #2: Irina Simpson, MBA, CPDM

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“…we need to work with professionals who are able to evaluate complex situations and develop creative solutions utilizing the vast tools and resources available within our industry.” We recently spoke with Irina Simpson, MBA, CPDM, VP Field Operations at PMA Management Corp. and PMA Management Corp. of New England about her priorities and perspectives on an industry undergoing tremendous change. [...]

SEEING STRUCTURES THROUGH A NEW LENS

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Structured settlements bring so much benefit in terms of lifetime financial security and yet they remain one of the most misunderstood options in the industry. We relish a good challenge, so we’re setting the record straight in the best way possible—with humor. Chronovo has engaged one of the finest contemporary cartoonists for our new Structured Smartoons series. You may know Pat Byrnes from his brilliant work for The New Yorker and his “Monkeyhouse” comic strip. [...]

Misconception #3: “If I structure the case, it doesn’t really close.”

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Not so. Closing a claim with a structure is as full and final as any lump sum settlement. Some claims professionals will tell you that the ongoing payments provided to the injured individual with a structured settlement mean that the case remains open for the carrier or self-insured. But this is a myth. Claims close when agreements are final. All responsibility for ongoing payments is assigned to the life insurance company that issues the annuity. [...]

10 Structured Cures for Every Ill of Market Volatility & Risk

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In a recent post, we talked about the ongoing roller-coaster ride on the stock markets, and how market volatility can decimate the settlement funds received by injured claimants. For these “unique investors,” who often face permanent injuries, lost wages, and a host of future medical expenses, the last thing they can withstand is the risk of losing these dollars. The settlement funds received when closing out a claim are often the only monies available to these injured parties, [...]

Misconception #2: “Structures make everything more complicated.”

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Quite the opposite.  Structures should be straightforward and easy for everyone to understand. With a broker to guide the process and collaborate with both counsels from the beginning, settlements are clearly and perfectly tailored to the specifics of the case and bring big benefits for the injured individual. Chronovo has structured our entire platform for ease and clarity. Our patent-pending, adjuster-facing Compass™ software—the only one of its kind in the industry—uses colorful graphs, [...]