NEW YORK, April 22, 2015 (GLOBE NEWSWIRE) -- In response to the increasing number of large scale disasters that result in highly complex claims, Willis Group Holdings plc (NYSE:WSH), the global risk advisory, re/insurance broking, and human capital and benefits firm, today launched a new Forensic Accounting & Complex Claims (FACC) practice.
The team of highly qualified public accountants and other forensic experts works with organizations to maximize recovery and minimize losses while reducing the complexity and length of settlement time. They also provide pre-disaster planning and advice, enabling risk managers to make more informed decisions, based on quantitative analysis, in managing their property and casualty risks.
The practice is led by Ken Giambagno who is one of the most experienced global leaders in forensic accounting with a career spanning over 30 years. Ken has played a key role in resolving claims and disputes for businesses in excess of $8 billion during the past 10 years. He reports to John Merkovsky, Willis's Group Head of Risk & Analytics.
Giambagno commented: "Businesses today operate in a dynamic, complex and interconnected world, which means that the insurance claims process can be lengthy and fraught with complications if it is not handled correctly. For example, many large and complex claims after disasters such as Superstorm Sandy, the 2011 Tōhoku earthquake and tsunami and the September 11, 2001 attacks on the World Trade Center, have shown how vital it is for businesses to be prepared for the claims process in the event of a large scale disaster.
"Effectively planning and preparing for a loss before it happens, as well as accurately calculating business interruption losses and property damage after a major disaster often allows a business to get back on its feet ahead of its competitors," he added.
Merkovsky added: "As businesses become more sophisticated, they continue to demand more by way of risk insights, services, advice and tools. Willis has responded to this by launching this highly specialized FACC unit to help clients better understand their exposures pre-disaster and to provide the necessary advice and support to resolve complex claims when disaster strikes. This in turn helps them to build resilience in their organizations and compete more effectively."
FACC assists companies across all industry sectors globally and can add value to a business by:
- Simplifying the claim process so businesses can focus on returning to their normal day-to-day activities.
- Quantifying the loss amounts and gathering the necessary supporting documents.
- Minimizing the overall disruption to business operations by obtaining cash advances in the early stages of a loss.
- Preparing and submitting the claim on behalf of the client in a format that is familiar to insurers.
- Working directly with the loss adjuster and the carrier's experts.
- Participating in meetings to explain the methodology behind loss calculations and responding to requests for additional documentation.
The practice is being launched to coincide with the Risk & Insurance Management Society's (RIMS) Annual Conference in New Orleans April 26-29 where a number of Willis's forensic accountants will be available to speak to clients and the media in the Willis booth, #1101.
Willis Group Holdings plc is a leading global risk advisor, insurance and reinsurance broker. With roots dating to 1828, Willis operates today on every continent with more than 18,000 employees in over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional services in risk management and transfer. Our experts rank among the world's leading authorities on analytics, modelling and mitigation strategies at the intersection of global commerce and extreme events. Find more information at our website, www.willis.com, our leadership journal, Resilience, or our up-to-the-minute blog on breaking news, WillisWire. Across geographies, industries and specialisms, Willis provides its local and multinational clients with resilience for a risky world.
Source:Willis Group Holdings