Spring Cleaning Your LWOP Block

With the sound of birds returning north and the sight of early spring blooms comes the urge to get our houses in order. This also tends to translate to the workplace. For insurers specifically, it may be a good time to get caught up on reviewing those overlooked claim blocks, especially when it comes to your Life Waiver of Premium (LWOP) line.

LWOP claims require a special touch when it comes to management and “cleanliness” of the adjudication process. Recently RGA shared highlights from their biennial LWOP benchmarking survey which covered key areas insurers can focus on for more effective LWOP claim management. Below are a few highlights from their article which can be found here.

Determine roles early on
Given the nature of the product it can be confusing when it comes to who owns what between the disability and life product lines. Establishing who is responsible for which tasks will make the adjudication process more efficient in the long run.

Prioritize claims by status
Insurers will see a boost in activity if the claims are segmented by those that are “active” versus in “maintenance” mode. Keeping analysts focused on those that are likely to be resolved can have the most impact.

Check eligibility
Catching an ineligible claim sooner than later is vital. Given resources are often limited, claims should be assessed so time is spent only servicing claims qualified for benefits.

These are just a few of the areas to consider when evaluating the cleanliness of your block. If you need support or expertise on your LWOP block, contact us.

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