| 1 |
Assignment of financial partner |
Adjuster |
Initiates assignment of the financial professional (financial partner). |
| Financial professional (financial partner) |
Completes file conflict search to confirm acceptance of the file assignment. |
| Adjuster |
- Discusses file with the assigned financial professional, and
- Clarifies whether the file material:
- is available from ICBC, and/or
- needs to be requested from the customer (plaintiff) or plaintiff counsel.
Note:
- When the role of the assigned financial professional is only to identify the documents required to assess the claim, the assigned financial professional may not receive any file material.
- For further information, refer to the procedure, Determine file material required for an assigned financial professional.
|
| Claims support assistant (CSA) |
Copies file material and provides to the assigned financial professional, when the file material is available from ICBC. |
| Financial professional |
Obtains relevant file material from the customer (plaintiff), if applicable. Note: When the role of the assigned financial professional is only to identify the documents required to assess the claim, the assigned financial professional may not receive any file material.
|
| 2 |
Preliminary review of financial materials |
Financial professional |
- Reviews financial file material provided or obtained in Phase 1
- Conducts preliminary assessment of financial loss, and
- Provides preliminary findings to:
- the adjuster, and/or
- defence counsel.
|
| Adjuster/defence counsel |
- Reviews the information provided for completeness, accuracy, and reliability, with:
- the customer (plaintiff)
- the assigned financial professional, and/or
- plaintiff counsel, if applicable, and
- Identifies any missing information that would assist in quantifying the financial loss.
|
| Financial professional |
Provides the adjuster with:- guidance on the different approaches and methodologies available to assess the financial loss claim (such as net worth analysis, etc.), and
- approaches that may be considered for assessing the accuracy and reliability of the financial information provided (such as a comparison to similar types of companies and their average earnings, etc.).
|
| 3 |
Substantive review of financial materials |
Financial professional |
- Conducts an in-depth review of the customer’s financial records
- Provides an updated preliminary assessment of financial loss
- Identifies missing or inconsistent documents required for a complete assessment, and
- Discusses any further requirements for assessment, with:
- the customer (plaintiff)
- the adjuster
- defence counsel, and/or
- plaintiff counsel.
Note: Assigned financial professionals may also need to review financial source documents, including reconciliation documents.
|
| 4 |
Financial analysis of industry standards |
Financial professional |
- Reviews industry standards and/or other financial metrics to validate or counter financial loss claims
- Provides financial analysis of industry standards to support financial perspectives
- Reviews other specialist financial reports
- Provides any other analysis required to assess the potential financial loss
- Discusses findings and available information with the adjuster, and
- Prepares a report, if required by the adjuster.
|
| 5 |
Financial assistance for legal:- proceedings, and/or
- documentation requirements.
|
Financial professional |
- Provides defence counsel with access to expert advice to assist with financial loss investigations in formal legal proceedings, such as:
- Motions
- Examination for Discovery (EFD), and/or
- Trial preparation.
- Provides continued financial loss investigation support to the adjuster and/or defence counsel throughout the duration of the claim, including for required legal documents, and
- Provides any assistance that defence counsel requires during legal proceedings.
|