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Claims Tech Can Stop Leakage

By Alex Naddaff

In the current climate of uncertain economic prospects and tight budgets, justifying IT investments is difficult at any insurance company. Claims departments, which are historically last to benefit from any new technology, have an especially difficult time making the case for new initiatives.

However, claims is also one of the areas where new technology can have the greatest impact on the bottom line. Although direct claims department expenses amount to only about 13 cents of every premium dollar, indemnity costs account for another 65 cents, making them the single largest addressable line item in any insurers income statement.

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