Among the many innovations we have brought to the structured settlement industry are our specialty practice groups: Complex Claims Group, Chronovo Consulting Group and Chronovo Connect. This is an entirely new way of partnering and ensuring that each case receives the most advantageous attention, whether the challenge is timing, complexity, or big-picture implications.
Discover how Chronovo’s expertise and industry-leading technology are enriching every claim.
Complex Claims Group
When claims present unique complexities, structured settlement can provide the greatest value to all parties. Whether funding health care trusts, financial plans, or the future education of a minor, structured settlements can propel a claim to a fair, secure and lasting resolution. The key to the success of our Complex Claims Group is Chronovo’s blend of deep, diverse experience and innovative strategies and technology. Rolling up our sleeves to design and advocate for sound, creative solutions, we use structures and other financial vehicles to fund the best paths forward. Co-chaired by Bill Wakelee and Randy Simard, the Complex Claims Group has catalyzed many of our clients’ most dramatic claims resolution successes.
- We judge a complex case by the intricacy of its moving parts.
Perhaps an individual’s lifetime needs are challenged by a funding shortfall. Maybe a single cause of action has a dizzying number of plaintiffs and successive policies. Or a minor’s funding and protection demands a special level of creativity. Perhaps a large settlement makes tax exclusions or requires coordination of benefits integral to sound financial planning. Our structured settlements are devised both comprehensively and precisely; just like the claims themselves, resolutions are rarely simple.
- Invariably, a structured settlement is a critical component of the best solution for all parties.
Crafted strategically and integrated intelligently, structures can be used to fund various trusts, trigger payments of cash and assets, as well as supplement state and federal disability, needs-based and retirement benefits. In other words, structures provide maximum flexibility and the widest possible safety net.
- We match each intricate challenge with a customized strategy that exceeds expectations.
We formed our Complex Claims Group to fill a significant need. As with most challenges, the most strategically valuable solutions arise from a multi-disciplinary team. Rather than employing the typical, individual broker, the Complex Claim Group focuses a whole team on the biggest challenges in your caseload. We can also leverage our Consulting Group for large litigation, loss portfolio transfers and caseload settlement reviews.
- Data drives the best outcomes.
In addition to our highly experienced Complex Claims Group, Chronovo also employs its own patent-pending Compass™ technology to synthesize the myriad details and provide an array of customizable options in real time. Compass:
– Shows you the future. Transform the abstract mathematics of each claim into clear, colorful graphs rich with supportive data. Chronograph™ provides a powerful, comprehensive negotiating tool.
– Provides the industry’s only Adjuster-Accessible technology. Open any/all of your quotes 24/7—and alter the terms of an estimate based on live feeds from the life company.
– Gives you total command. Track multiple quotes, multiple parties and multiple life companies on every claim. Compass automates reporting, configurable to the most minute detail.
A massive explosion at a manufacturing facility resulted in many wrongful deaths and hundreds of injured individuals. Additional complexities included several layers of coverage and a large property damage claim. With potential global exposure likely exceeding the available insurance limits, structured settlements provided the defense team with the creative flexibility to negotiate with dozens of attorneys representing multiple plaintiffs. Our Compass technology enabled the carriers to instantly modify, track and compare proposals throughout the mediation process.
A British travel group touring the western US on a domestic bus line that was hired by a British travel agent crashed with 52 plaintiffs on board. The travel group’s contract included a British arbitration clause with complex jurisdictional and taxation issues. Complicating the matter further, the bus operator was severely under-insured for this type of loss. Our Managing Director participated in a ten-day mediation where the defendants counsel, insurance adjusters and our team negotiated with all of the plaintiffs and made a pro rata allocation for each plaintiff’s injury. The plaintiffs could either accept the available amount or seek a jury verdict. The savings produced by structured financing made this possible. Our enterprise-wide team can provide comprehensive, persuasive proposals for multiple plaintiffs that maintain the total policy limits configurable to the most minute detail.
A molestation case involving a minor foster child meant complex litigation and coverage issues, multiple public and private co-defendants, as well as high-profile plaintiff and defense counsels, all in a politically charged media environment. Our Managing Director provided a strategic set of structured settlement designs to stretch limited settlement funds by feeding monthly payments into a Special Needs Trust, creating future educational and housing guarantees and securing guardianship. This comprehensive approach helped facilitate a difficult settlement, saving claim dollars for several co-defendants while creating enough future guaranteed payments to satisfy the family and secure court approval.
Chronovo Consulting Group
As Chronovo redefines our clients’ expectations about the savings, security and overall value of our uniquely strategic approach to structured settlements, we are also asked to address our clients’ other challenges and opportunities.
Our principals’ expertise in insurance services innovation and claims management always translates into significant problem-solving gains.
The Chronovo Consulting Group offers a wide range of services to self-insured employers, TPAs, carriers and claims organizations of all types and sizes.
- Enterprise-level claims performance consulting services
Leverage the expertise of Chief Claims Officer Rick Woollams to maximize your claims savings and performance with new insights and insider perspectives. Focusing on practical, actionable and measurable strategies, Rick and members of the Consulting Practice Group add value by:
– Optimizing claims processes and operating model excellence for the entire enterprise, region and/or office.
– Conducting historical claims audits, cost transparency assessments and/or claims cost savings evaluations.
– Participating in claims improvement investments impact from the practical value of new claims technology, infrastructure, personnel and programs.
– Providing expert witness testimony and/or strategic options for resolving claims against a claims organization (including its most challenging claims) as part of our Complex Claims Group.
A British-based carrier sought to optimize the efficiency of its US claims workflow and operations. Chronovo’s Consulting Practice Group crafted a new, decentralized decision-making model. The implemented program initiatives reduced overhead, spurred decision-making and enhanced process transparency for the home office team.
- Technical innovation, assessment, management and design services
Our expert tech consultants represent an unmatched level of management software system design, improvement and implementation experience. In particular, Jack Plunkett is a recognized industry expert in insurance operations and enabling technology. Gurdip Singh, our coding wizard and data architect, designs customized tech solutions that meet the most stringent, real-time requirements. Our services include:
– Assessing claims systems due diligence, project plan and implementation processes and data analysis projects.
– Including your claims organization in Chronovo’s “Rosetta Stone” indicative analytics project.
– Providing an independent review and recommendation on all varieties of internally or externally driven technical initiatives for any claims organization.
A workers’ compensation state fund implemented a new claims management platform. Applying our depth of experience in insurance and best practices tech, Chronovo consultants directed the project from initial concept through implementation, achieving cost controls and a high level of customization.
- MSP/Medicare compliance program review and consulting
Benefit from the experience of former Massachusetts Special Assistant Attorney General and Chief-of-Staff for its Department of Labor, Ken Paradis. In addition to experience from the regulatory side, Ken brings practical solutions as a co-founder of insurance service organizations that created innovative products and services for workers’ compensation, SSDI Medicare compliance, and other offsets and savings programs. Our services include:
– Reviewing MSP compliance, MIR reporting, MSA strategy policies, procedures and performance.
– Integrating and coordinating the benefits with the settlement process, including reverse-offsets credits, second injury fund recoveries and subrogation programs. These services may also be handled in collaboration with our Complex Claims Group.
A national self-insured retailer asked Chronovo to develop new strategies to increase savings, speed and security for its Medicare Set Asides and Medicare Compliance. We created new protocols and processes, which provided the impetus for a new product—the iMSA—in collaboration with our partners Ametros and Examworks. The iMSA brings a new level of innovation to the marketplace.
- Mergers and acquisitions assistance, review and strategic planning
Founder, CEO and board member of three insurance services enterprises, Ken Paradis is often consulted in the acquisition of insurance services enterprises. Keenly aware of the multiple perspectives of the industry, Ken and members of the Consulting Group have been instrumental in assessing initial potential, collaborating on the post-transaction strategic plan and assisting in final negotiations. Services include:
– Reviewing the initial CIM and collaborating with the potential purchaser to test the likelihood of growth assumptions and assess the strategic possibilities of an acquisition target.
– Participating in the management presentation process and assisting in the valuation and negotiation process.
Two of the largest multi-national private equity firms were vetting the purchase of a global insurance services business. Chronovo provided critical industry insight to the entire process. Ken joined the Board of the Directors to continue to assist in strategic collaboration with the principals of the new business.
While our patent-pending Compass technology provides our claims professionals with the industry’s only instantaneous access to quotes, sometimes the most critical service Chronovo offers is simply answering the phone. The guarantee of quick, reliable information and answers to questions from experts with deep and diverse expertise is one of our most valued assets.
Chronovo Connect is your fast, reliable ally for settlement success.
In addition to day-to-day troubleshooting and strategic assistance, one of Chronovo Connect’s primary functions is to ensure timely turnaround for all quotes within two business days of receiving a completed referral. Connect also reviews large caseloads, risk transfers and difficult-to-settle claims. Our hallmark: identifying opportunities to bridge the settlement gap with structures and other techniques.
Our clients may be prompted to call because they need a quick turnaround or they are seeking advice on an obscure challenge. They rely on Connect for expedient, experienced guidance and for help shaping settlement strategies, large and small.