Inter-University Council-Insurance Consortium invites qualified third-party administrators to submit proposals for the provision of casualty claims management services. The Consortium seeks a competent and experienced TPA to efficiently handle and assist in the adjudication of casualty claims for its member institutions.
The selected TPA will be responsible for the following services:
- Receipt and initial triage of all casualty claims, including but not limited to property damage, bodily injury, and liability claims, including assumption of administration of existing open claims and lawsuits on behalf of IUC-IC.
- IUC-IC has 186 open claims and averages 120 new claims annually.
- Investigation and evaluation of claims to determine coverage and liability as evaluated against the CONSORTIUM’S Memoranda of Coverage, including but not limited to outline the counts/actions/allegations in the lawsuit and the application of the coverage document language including effective date of coverage, policy term, retroactive date (claims-made policy), limits, sub-limits, self-insured retention, as well as potential exclusions and limitations.
- In collaboration with member general counsel, or member designee, provision of timely and accurate reserves for each claim.
- Collaboration with member general counsel, Attorney General Office, outside counsel, or member designee for claims requiring litigation or legal expertise.
- Management of certain aspects of claims administration, including documentation, communication, and status maintenance and reporting to reinsurance and excess carriers.
- Cooperation with auditors and actuaries reviewing the CONSORTIUM’s and the TPA’s system and records. TPA will provide documents to auditors and actuaries upon request.
- Participation in quarterly claims reviews with CONSORTIUM and its members, reinsurers and carriers.
- Generation of scheduled and/or ad hoc systematic, comprehensive reports and analytics to track claim trends, identify risk areas, and inform decision-making.
- Implementation of proactive loss control measures and strategies to minimize future claims.
For further details, please view full RFP.
Proposals must be submitted via email to angelucci.5@osu.edu by 12:00 p.m. ET on May 31, 2024.
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Citycounty Insurance Services (CIS) is soliciting offers from qualified vendors to provide actuarial analysis and conduct annual actuarial studies for the CIS Property/Casualty Trust (P/C Trust). CIS is issuing this RFP because their purchasing policy requires them to conduct an RFP for actuarial services at least every five years.
The Trust provides joint self-insured coverages for property and liability, as well as associated risk management services. The Trust also administers a workers’ compensation program which is in its third year of runout. CIS is responsible for allocating the costs of claims and expenses associated with the operation of the CIS Trust among its members. While allocating costs, CIS
attempts to balance goals of fairness for individual members with stability in contributions from year to year.
Annual actuarial studies provide CIS with reasonable projections of:
▪ loss costs including allocated loss adjustment expenses;
▪ program claim reserves; funding estimates;
▪ cost allocation models; and
▪ alternative premium plans including retrospective rating closeout parameters.
CIS also expects the actuarial study to provide recommendations which address any noted problem areas or improve the quality and future cost effectiveness of the self-insured programs.
The CIS P/C Trust’s consulting actuary reports directly to the CIS Board of Trustees.
For further details, view RFP.
Proposals must be received by 5:00 p.m. (PT) on May 29, 2024. Any proposal received after this date and time will not be considered.
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