There are two vital rules you need to follow when it comes to managing risk:
- Never trust a lawyer.
- See Rule #1, especially when that lawyer’s interests are averse to yours.
Tongue-in-cheek aside, these rules make sense from a business perspective. Yet, when dealing with the matter of compliance to Medicare’s personal injury claims reporting and recovery guidelines, far too many insurance carriers routinely break these rules, often to their detriment.
As an insurance executive, you would never allow a claimant’s lawyer to come in and have free access to your claim data. Not only are they not experts in the necessary skills to handle your money, they also have a significant conflict of interests: their goal is to get as much money for their client – and, by extension, themselves – as possible. Read more