As discussed, I understand that the insurer’s preferred accounting provider was retained to provide their opinion regarding the claimant’s IRB entitlement, however, the insurer’s retention of a professional accountant does not undermine the claimant’s consumer right under SABS s.7(4) to retain their own professional accountant. The funds set aside for this type of report by the insurer is not discounted even if the insurer decides to hire their own third party accounting professionals. The Accounting Report Benefit (ARB) should be regarded as a valuable resource to insurers, as much as for the insured.
It is our experience as litigation support specialists that the ARB gives the insured a voice and a central role that they may not have otherwise felt they had. The ARB benefit to insurers is based on the fact that an insurer’s goal, when calculating the IRB, is to achieve the correct calculation at a reasonable cost, with the greatest efficiency. I would like to illustrate 4 key …show more content…
Access to the insured. The ARB utilized by Great Oak VFA Inc. provides for a licensed accountant to access the claimant in a way that isn’t otherwise available to the insurer’s forensic accountants This personalized access allows the professional to determine exactly what documentation should be requested from the claimant in order to provide the most accurate calculation.
2. Co-operative approach. Not only do we get direct access, but we offer financial literacy assistance, guidance, and follow-up. As a result, the claimant feels a part of the IRB application process. This sense of involvement and collaboration is most certainly carrying forward to the adjuster’s desk.
3. Reduced Turnaround time. We can facilitate the IRB application process at a much quicker pace by having documentation requests that are limited to only what is truly necessary. The result can be a quicker and more accurate payment of IRBs to the insured, and less back and forth for the
It is our experience as litigation support specialists that the ARB gives the insured a voice and a central role that they may not have otherwise felt they had. The ARB benefit to insurers is based on the fact that an insurer’s goal, when calculating the IRB, is to achieve the correct calculation at a reasonable cost, with the greatest efficiency. I would like to illustrate 4 key …show more content…
Access to the insured. The ARB utilized by Great Oak VFA Inc. provides for a licensed accountant to access the claimant in a way that isn’t otherwise available to the insurer’s forensic accountants This personalized access allows the professional to determine exactly what documentation should be requested from the claimant in order to provide the most accurate calculation.
2. Co-operative approach. Not only do we get direct access, but we offer financial literacy assistance, guidance, and follow-up. As a result, the claimant feels a part of the IRB application process. This sense of involvement and collaboration is most certainly carrying forward to the adjuster’s desk.
3. Reduced Turnaround time. We can facilitate the IRB application process at a much quicker pace by having documentation requests that are limited to only what is truly necessary. The result can be a quicker and more accurate payment of IRBs to the insured, and less back and forth for the