At Maiden Re we always strive to exceed expectations. This is especially true of our claims process. After all, clients purchase reinsurance for fair and prompt claims resolution. Maiden Re consistently achieves high rankings for timely claims payments, including the top ranking by the Flaspöhler Cedant Survey, because our paradigm and process is different. Our claims group is integrated within our underwriting teams. This ensures we will be knowledgeable about every claim filed and guarantees timely and accurate payment. In fact, we will pay all claims within 72 hours, while our RPM system provides reimbursement on the same day. We’ve been known to pay claims in advance before they are even submitted. This helps our small to mid-size mutual company clients avoid selling off investments to raise capital funds in the short term. The lines we reinsure are predictable, so we're well versed in the amount required to cover our losses and maintain the necessary reserves.
Our commitment to service and following through on our promises is why we have a client retention rate of 94% and so many long-term partnerships.
Our claims team also provides value-added services including:
- Reviews of Claim work flows and procedures and recommendations on best-in-class claims practices
- Assist with development of early response plans and procedures for dealing with unforeseen catastrophes
- Conduct seminars and workshops on Good Faith Claims Handling
RPM - Rapid Payment Management
Our Rapid Payment Management system is a claims payment service that provides same day electronic payment* for qualifying claims to select clients.
- A billing that is associated with an active Maiden Re claim file and contains a Maiden Re claim number
- The insured’s name must be identical to the name appearing on the billing information
- Payment requests cannot exceed the Maiden Re treaty limit
- The payment requests within the limit must not exceed 10% of the current reserve
Billings that do not satisfy these criteria should be forwarded to Maiden Re as part of the normal billing process. For complete details of RPM, please contact your account manager.