White Paper

4 Factors that Make Energy Claims Complex, and How AI Can Help

Energy companies have complex risk profiles, with significant liability, workers’ comp and regulatory exposures.

White Paper Summary

The energy sector encompasses multiple industries – utilities, oil and gas, and renewable energy – and each comes with its own unique set of risks and potential claim scenarios. General liability, auto liability, workers’ compensation, and regulatory compliance exposures are all significant for energy companies. Managing claims efficiently is critical to minimizing loss, but it is a complex undertaking.

Today, claims administrators are deploying advanced technology to move claims forward more quickly and resolve them more fairly.

Here are some of the factors that make energy sector claims so complex, and where technology can help to simplify things.

  1. Multiple Stakeholders and a Web of Contracts

Work sites in the energy industry often employ multiple contractors and subcontractors.

“When incidents like explosions or accidents involving dropped objects occur on well sites or plants, the biggest challenge is navigating the complex web of contracts between the various companies present. The first step is to obtain all the applicable contracts, particularly the master service agreements, to determine the relationships and obligations between our client and the employers of the injured parties,” said Ashley Morgan, AIC, Liability Claims Trainer, Broadspire.

To learn more about Broadspire, please visit their website.

Broadspire provides customized, integrated claims solutions to clients across the globe. Through our industry-leading expertise, innovative technology and unrelenting focus on continuous improvement, we implement programs that result in lower costs, faster recovery times, and greater satisfaction for everyone involved.

More from Risk & Insurance