Insurers can drive down their claims costs by $36 billion if they embrace technology innovations allowing them to better manage their information assets, says an industry analyst.
"The waste in this industry is shocking," says Aite Group Senior Analyst, Property & Casualty Group, Stephen Applebaum.
The consulting group has released a report, "10 Startups Transforming P&C Claims: A US $36 Billion Opportunity," says that by adopting innovative claims-technology solutions, insurers would not only stop wasting money, but improve their relationships with their customers and reduce their yearly double-digit retention losses. The report reviews ten technology companies Applebaum says are innovative leaders with a lot of buzz in the industry.
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