Talisman Casualty Insurance Company Is Providing Streamlined Claims Management Within Captive Cells

July 05, 2022 at 17:01

Carson City, Nevada -

Talisman Casualty Insurance Company is a protected cell captive insurance company domiciled in Nevada. It has been serving the specialty insurance sector since 2014 and has, to date, more than 7000 captives licensed worldwide with over $55 billion of global captive premiums. The company is urging clients to find out more about its sophisticated state-of-the-art claims management technology that allows it to offer efficient claims processing.

Captive insurance is an alternative to self-insurance. All for-profit companies must protect themselves against a set of risks that threaten their business. These threats are, most likely, unique to the industry in which it operates. An insurance provider may or may not be cognizant of all the challenges that a business operating in a particular industry has to deal with. A third-party insurance provider may also have a pricing structure that is constantly changing based on the performance of its overall portfolio which can involve disruptions and booms from other unrelated industries. Creating a captive insurance company allows a business to analyze the risks that all the subsidiaries face and provide coverage at a rate that it deems appropriate. The name “captive insurance” refers to the fact that the insurer is captive to the policyholder (the parent company).

Protected cell captive (PCC) companies, such as Talisman Casualty Insurance Company, are entities that have one core and several cell entities whose assets and liabilities are inaccessible to and statutorily segregated from other cell entities. The concept was developed in 1997 to allow companies to benefit from the advantages of the advanced risk management solutions offered by traditional single-parent captive insurance without having to establish a captive insurance company of their own. In a PCC, the claims brought against one cell cannot be covered by the assets of another cell.

However, this structure brings with it several drawbacks when it comes to claims management. Claims management can end up being slow and inefficient due to the cell-like structure. Talisman Casualty Insurance Company brings its experience and expertise to solve this problem and offers a solution that streamlines the claims process within a cell.

A spokesperson for Talisman Casualty Insurance Company talks about its services by saying, “We use several service providers for claims management. This way, you don’t have to rely on just one provider to get your claim processed. We also handpick Talisman claims management providers based on their experience in the industry, their knowledge of the local market where the claims are made, and the integrity with which they operate. Our claims management service providers have demonstrated the ability to operate ethically under challenging scenarios. Since they are also selected based on the area of the world that they operate in, they also have a keen sense of awareness of the industry’s struggles in those regions. The result is that we can provide our participants with a high level of claims service. Our state-of-the-art claims management technology gives participants immediate feedback on the overall impact of claims. The time needed to make adjustments is decreased as the data is aggregated within a single cell captive. We also have a proprietary claims software that can be integrated into a cell captive program without the integration cost associated with licensed software from large commercial insurers.”

Talisman Casualty Insurance Company offers protected cells to underwriters who have seasoned books of business and need a regulated vehicle to transfer risk and direct access to capacity through reinsurance and alternative risk finance markets. All coverage provided by Talisman is commercial and is only available to those businesses who participate in an underwriting cell. Talisman insurance policies and bonds are duly licensed, regulated, and authorized insurance transactions governed by the laws of the state of Nevada Department of Insurance. Bonds and insurance policies are made available to principals who join the captive as participants by executing a participation agreement and becoming a shareholder. All Talisman capital, surplus, reserves, and financial records are maintained per the provisions and regulations of NRS Chapter 694 C (Captive Insurers).

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For more information about Talisman Casualty Insurance Company, contact the company here:

Talisman Casualty Insurance Company
800-318-5317
info@talismancasualty.com
7881 W. Charleston Blvd, Suite 210 Las Vegas, NV 89117

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