I am about to drop one of claims’ best-kept secrets, a secret that will rock your claims management world: Structured Settlements really work!
During my nearly 30-year tenure in the property and casualty claims management industry, I received minimal information or training about structured settlements from the market’s service providers. Throughout my career, there were two critical, ongoing requests made from my clients; save me money on the claim, [...]
This holiday season, we are all looking ahead to a New Year of hope, peace and kindness. The children of Team Chronovo join us in wishing you and your families a healthy, happy 2021.
Grace, 17
Keegan, 7
June, 8
Evan, 10 [...]
Structured settlements provide a proven and effective way to quantify claim costs, evaluate reserves, deconstruct demands, design creative settlement offers and bridge the gaps in negotiations. They offer a wide array of advantages to all the parties with no additional cost to the claim file. When strategically used early in the process for evaluation and education—and consistently presented throughout the negotiations—structures are valuable analytical tools that help settle cases sooner and save claim dollar payouts. [...]
The Good, The Bad & The Ugly…and The Wisdom of Structuring Indemnity Benefits in a Workers’ Compensation Claim
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Indemnity benefits, designed to partially replace weekly income, are critical to workers’ compensation cases. Depending on the severity of the injuries and the limitations of the state statute, these benefits could provide weekly checks for a specific number of weeks or for a lifetime, typically at 60-662⁄3% of the individual’s average weekly wage.
As I work with employers, claims professionals and injured individuals to resolve workers’ compensation claims with structured settlements, [...]
Since the horrific attacks of 9/11, through the dot-com bubble, the sub-prime crash of 2008, and now the devastation from Covid-19, Americans have endured multiple financial meltdowns, massive layoffs, wild stock market rides and what seems like constant financial uncertainty. And this is just within the last 20 years. These unsettling economic times have taken a toll on our financial and emotional well-being. One segment of the American population has been especially vulnerable to volatility: the victims of catastrophic personal injury claims. [...]
There’s a new path to settlement, paved by Chronovo, Inc. in its continuing support of carriers, TPAs and injured individuals. Here’s ChronovoCareTM, a first-of-its-kind, 3-in-1 medical savings program for prescription medicine, medical equipment AND surgical procedures that is offered by no other structured settlement broker.
ChronovoCare provides a new level of consumer simplicity, flexibility, freedom of choice and tangible savings. It’s an entirely free program with no membership fees or requirements and no minimums. [...]
Early collaboration is critical to successful settlements. Chronovo’s Complex Claims Group brings invaluable perspective as an essential ally in the settlement process. Our experienced team can provide a robust, independent analysis of future damages and their costs. We welcome the opportunity to review the entire file independently as early as possible so we can craft a strategic first offer or first response to a demand. Insight into the claimant’s background and individual needs enables us to tailor more compelling proposals. [...]
Problem: The confounding burdens of medical debt
Advocacy surrounding bankruptcy caused by medical expenses in the passage of the Affordable Care Act in 2010 and the Medical Bankruptcy Fairness Act of 2014 has made it difficult to establish exact correlation. Some economists have pegged the bankruptcy rate as low as 4%.1 Others have estimated that the number is as high as 62%,2 with the share of bankruptcies caused by medical expenses on the rise by 50%. [...]
The answer to this question is always, “Of course, what do you need?”. However, it does beg the question of why the defense team waited so long to avail themselves of significant claim settlement products and services that add zero cost to the claim file. Chronovo provides a wide array of advantages to the defense team. We help assess and define future costs and needs and provide clarity and transparency in the settlement process. [...]
Like all negotiations, settlements rely on parties exchanging value with each other. The ultimate bargaining position? Offer significant value to the other party at a small—or even non-existent—cost to yourself. Now take the calculation into the realm of medical care and negotiations on behalf of injured individuals. You might be balancing the loss of coverage but gaining freedom in resolving a workers’ compensation claim—or considering current costs against future impacts in a pending liability claim. [...]
