Talisman Casualty Is Spearheading Innovations in Claims
Carson City, March 08, 2023 (GLOBE NEWSWIRE) -- Carson City, Nevada -
As a protected cell captive insurance company, Talisman Casualty offers protected cells to underwriters who have seasoned books of business and need a regulated vehicle to transfer risk. They also provide direct access to capacity through reinsurance and alternative risk finance markets. Using these unique protected underwriting cells allows the risk to be segregated, collateralized, and ceded all within a legally ring-fenced structure.
Entry into a protected cell captive structure grants many cost-saving benefits to the company’s clients. One of the biggest advantages is direct access to international reinsurance markets. The insureds can also negotiate the price based on the experience of a particular small to midsize book of business or even find capacity for a new concept.
To ensure that the clients have the fastest and most seamless claims processing experience, Talisman Casualty assigns delegated claims authority only to firms that have extensive claims management experience, know the local markets where claims are made and operate with the highest degree of ethics and integrity.
Moreover, using the company’s proprietary claims software technology, the claims process can be streamlined within the cell, giving its participants a high level of service. Talisman Casualty’s technology can be integrated into a cell captive program without the hefty cost associated with licensed software with large commercial insurers as the target users.
The spokesperson for Talisman Casualty talks about why its claims technology is one of its greatest assets by saying, “Claims end up being the largest chunk of a captive’s expense. So, by using our state-of-the-art Talisman claims management technology, we can help captives do what most traditional insurers can’t. It gives us the invaluable ability to provide immediate feedback on the overall impact of claims. We are also able to significantly reduce the time needed to make adjustments since the data needed to make them is already aggregated within a cell captive.”
Talisman Casualty also offers a surety program with several different bond types including Payment and Performance, Compliance and Licensing, and Court and Legal. A surety bond, or surety for conciseness, is a promise by a guarantor to pay one party, the obligee, a certain amount if a second party, the principal, fails to meet some obligation, such as fulfilling the terms of a contract.
Surety bonds offer a flexible way to meet the challenges of the modern business environment as it protects the obligee against losses resulting from the principal’s failure to meet the obligation. Surety bonds are underwritten the same way that general credit is underwritten. The review will typically involve a financial and skill qualification evaluation when performance is being bonded.
Payment and Performance bonds in the Talisman Surety Program are often used in the construction industry as a form of protection for an owner that their contractor will complete the job according to the contract and he will pay all his subs and suppliers. Compliance and Licensing bonds are often used to maintain a professional license or to obtain permits and typically have statutory requirements attached to them. Court and Legal bonds cover a wide range of court actions including bail, release of lien, adverse cost judgment, and many more.
Talisman Casualty Insurance is domiciled in the state of Nevada and as such all its insurance policies and bonds are duly licensed, regulated, and authorized insurance transactions governed by the state’s laws. The company provides a link on its website for visitors to verify its license. All coverage provided by Talisman is commercial and is only available to those businesses that participate in an underwriting cell.
To get started with the company’s protected captive cell insurance model, readers can contact Talisman Casualty Insurance Company at (800) 318-5317 or info@talismancasualty.com.
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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