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Finance Highlights 2006 1004
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Finance Highlights 2006 1004
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Last modified
6/6/2007 4:01:51 PM
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11/3/2006 3:13:07 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
10/4/2006
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_CC Agenda 2006 1106
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\City Clerk\City Council\Agenda Packets\2006\Packet 2006 1106
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<br />I. Executive Summary <br /> <br />This report addresses each issue set forth in our November 9, 2005 proposal. Our major <br />findings are presented below. <br /> <br />Liability Claims Handling <br /> <br />Our review of liability claims administration found best practices being met overall at a <br />90% by George Hills and 94% In-House, reflecting a commendable performance level. <br />Liability claims handling opportunities for improvement are identified where <br />performance is assessed at below 85%. <br /> <br />Our findings and recommendations are summarized below. Performance for items one <br />and three is found to be similar for claims handled by George Hills and In-House. <br />Subrogation, litigation management and reporting to excess carriers are not involved for <br />In-House claims as these issues trigger claims assignment to George Hills. <br /> <br />1. Claims Reporting <br /> <br />Our review of the City's procedures for reporting claims for monetary damages arising <br />out of alleged acts of negligence identified: <br /> <br />· Lag time between accident occurrence and receipt of claim by the City <br />Risk Management Analyst exceeded 5 business days in 44 of 50 claims <br />reviewed. <br /> <br />We recommend initiating a stewardship program to stimulate departments to improve <br />reporting timeliness by: <br /> <br />· Communicating with departments about reporting requirements. <br /> <br />· Using the George Hills 1- VOS claims information system (CIS) to monitor <br />reporting delays and reporting quarterly results to department heads. <br /> <br />2. Litigation Management <br /> <br />We find the litigation rate has declined to 5%, with the expense to total incurred ratio of <br />55% decreased to 30%. To further reduce the expense ratio, we recommend the City: <br /> <br />1 <br /> <br />ARM <br /> <br />Tee h <br />
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