by John Darer® CLU ChFC MSSC CeFT® RSP CLTC
"Cash plus a structured settlement designed by a structured settlement consultant leverages the claim professional’s settlement autonomy, providing far greater flexibility and appeal than a lump sum cash offer". So says Brian M. Farrell, a 44 year veteran claims officer who has held head claims positions at AETNA and Travelers.
Farrell is not alone in his thinking. In "The Perks of Leveraging Structured Settlements in Claims" he cites Rick Woollams, Chief Claims Officer of AIG Commerical Claims
"We (AIG) use structured settlements in our claim process because we believe that it’s a massively valuable tool. It helps us get what every claims person cherishes: a closed file at the right price, where you feel good about the work you did and you’ve got an outcome that you think is right".
Farrell concludes that "for the casualty company, the structured settlement offers the prospect of more accurate reserve allocations and ultimately the ability to move liabilities off our books. It also shows evidence of bargaining in good faith, a crucial legal standard in many states.Faster case closure. Greater efficiency. Fewer reserve problems. Better legal protections. These are some of the many reasons why I have pushed structured settlements in claim work for more than four decades".
Part of the success any claims adjuster will have in using structured settlements is partnering with the right structured settlement expert.
John Darer is listed in Best's ClientRecommended Expert Services Providers, for Structured Settlements.