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.
Time and time again, our calculations drive a negotiation strategy based on financing specific needs rather than focusing on dollars. We have established a Demand Deconstruction process that meticulously examines damages. This process results in accurate expectations and reserves, and more importantly, substantially narrows the settlement gap. Once you are within settlement-striking distance, you can engage the claimant with tailored, compelling proposals that provide true security. Ultimately, an informed and secure claimant is far more likely to settle and do so with complete confidence.
As Chronovo’s clients have discovered, reshaping traditional negotiations with innovative technology, new products and pragmatic settlement strategies has a dramatic impact. We deliver more settlement for fewer dollars, while securing all the same benefits to the plaintiff, claimant, or applicant. In fact, ESIS, one of our national TPA clients, recently announced that we saved their clients more than $60m in new savings with 4x the savings as their previous structure partner.
As detailed in our new “Using Structures to Bridge the Settlement Gap in Complex Cases,” we believe that the following concepts catalyze the best settlement outcomes when combined with early collaboration with your structured settlement professional:
Before Negotiation or Mediation
- Leverage market-based rates rather than a blind present value formula.
- Blanket present value formulas can lead to inaccuracies and bias.
- Structured annuities provide current market-based rates that can price specific damages over a specific time frame.
- Capture accurate life expectancy with a rated age.
- Disputes over life expectancy can dramatically skew each sides evaluation of future damages.
- The life companies providing structured annuities provide an independent life expectancy evaluation (Rated Age) based on all available medical information.
- Combining this independent rating with current market-based rates provides a more accurate economic damage present value.
- Clarify the needs of the claimant to create a more tailored and dynamic settlement proposal.
- The more a settlement proposal addresses the specific needs of a claimant, the more compelling the entire settlement will be.
- Supplying all relevant discovery and details will enhance the capacity to provide a meaningful proposal.
During Negotiations or at Mediation
- Narrow the gap with Demand Deconstruction.
- Demand Deconstruction is the process of itemizing and negotiating specific future damages one by one.
- This approach refocuses the negotiations away from dollars and toward individual damages.
- Demand Deconstruction can quickly narrow the settlement gap by resolving the largest discrepancies between parties.
- Tailor the offer to triumph.
- With the settlement gap narrowed, engage the claimant with tailored proposals.
- A well-crafted proposal that accurately assesses immediate and future needs can mollify the claimant’s financial insecurities.
- The result is a settlement that provides the claimant with clarity, security and the opportunity to move forward.
Read our new article to learn more.