We constantly strive to improve the timeliness and accuracy of the quotes, binders, policies, invoices and claims correspondence we provide to you.
Throughout this year and last, 100% of all core policies were issued in 30 days or less and 99% were issued in 20 days or less. In 2007, all property policies were issued within 30 days of receipt of approved wording. By year end, we expect that each of the more 1,200 policies written through our New Jersey facility will have been issued quickly and accurately.
In the claims area, we expect to have approximately 1,600 new claims reported by the end of 2007, which is on par with the 1,590 new claims reported in 2006. Between new claims and open claims, we're helping members manage between 4,700 and 4,900 losses at any given time.
For those unfamiliar with the claims process, we confirm receipt of the Notice of Circumstance or Claim on the day we receive it. The matter is then reviewed and evaluated in conjunction with the related policy(ies) and endorsements. For Excess Liability, Excess Workers' Comp, D&O, Fiduciary & Employee Benefit and Professional Liability losses, an AEGIS claims professional is to respond within 10 business days, following assignment of the claim. In the case of property losses, we work with members to begin the adjustment process immediately and recommend actions to prevent further damages before the evaluation process even begins. Regardless of the type of loss, we help members manage their claims in a collaborative, mutually supportive manner that sets us apart from the commercial insurance industry.
If you have any questions about the processing of underwriting materials, please contact Bill Cullen, Senior Vice President – Underwriting by e-mail or at 201.508.2781. If you have any questions about the claims process, please contact Bruce Roznowski, Senior Vice President – Claims by e-mail or at 201.508.2653 or refer to the Claims Procedure Guide posted on our website.