Risk management insurance professionals are often called upon as expert witnesses in cases related to their area of expertise. Their primary role is to offer testimony based on their particular knowledge and experience regarding the design, selection, pricing, and implementation of a particular type of insurance plan or policy. This type of testimony is invaluable for both plaintiffs and defendants in litigation matters where the details surrounding an insurance contract become important.
Insurance professionals with expertise in risk management can provide valuable information during pre-litigation phases involving evaluation of claims and disputes or during settlement negotiations regarding proper coverage amounts and administering optimal policies. They can also serve as independent opinion evaluators for large corporations that require assurance they are receiving the best possible advice when managing business risks through insurance plans or by self-insuring.
Risk managers bring significant experience to courtrooms due to their extensive study of financial principles, mathematical concepts, tort law regulations, health care specific principles like utilization review practices, strategy formulation as it pertains to law department operations and ethical considerations concerning client confidentiality when structuring client insurer relationships. As a result they possess an intellectual bent that allows them to testify well beyond questions related exclusively to contracts and policy language nuances—and into broader areas concerning how a company's policies affect various business operations overall.