Cost reduction in claim-handling processes is the most important goal this year for U.S. insurers, according to a recent survey by Insurance Services Office.
Of those responding to the survey, 78 percent listed cutting claim-handling costs as their top priority, ISO said. Other areas identified as needing attention are improving claim-handling efficiency, cited by 25 percent, and decreasing fraud, 10 percent.
“Reducing claim-handling costs by settling a claim fairly and equitably, and as quickly as possible, is in everyone's interest,” said Lee Fogle, ISO's vice president of claim services. “Combining claim management best practices with continuous measurements of outcomes is critical to reducing the cost of claim handling.”
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
