We are pleased to announce that our first claim for our 2019 crop year was paid out before the end of October. This claim, which followed our new streamlined process, took approximately 2 weeks from the day all documents were received by our Risk Management Team to the day the payment was received by the client. We know that it is critical for farms to receive their claim payments as early as possible, and we are always looking for ways to improve the claims experience.
In the streamlined claims process, producers choose a cut-off date for their claim and submit all required documentation within the month. In this case, a September cut-off date was chosen by the client, and all required documents were sent in within the second week of October. One week later a zoom call was held with the client, their advisor, and a member from the Risk Management Team to discuss any questions or additional documentation required. A week later the full claim payment was received by the client.
“It was all a function of the Risk Management Team being ready, and the client’s documents being in order and sent in right away.” says Karen Murray, Advisor with Global Ag Risk Solutions. “I feel like our company really listened to the feedback we were getting from our farmers and did something about it.”
“As of today, we have a second win as well!” says Lori Dorma, Director of Risk Management. Over the last 2 weeks, the Risk Management team has been working on a claim for 2 separate and complicated ‘combined farm’ claims with a total of 9 companies involved. It took approximately 10 working days between the day all documentation was received by the Risk Management Team, to when the Claim Summary was sent to the client. “The only step left for them to do is sign off, and 9 more farms will get their final payment.” Concludes Lori.
If you are a Global Ag Risk Solutions client and may be filing a claim this year, please talk to your advisor for additional information on the streamlined claims process and what your farm can do to meet the requirements.