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A universal truth in claim processing is that the longer it takes to settle a claim, the larger the ultimate dollar payout for that claim. Reducing claim-processing time is a self-evident requirement for insurance companies. With states’ imposing more stringent prompt-payment regulations, the ability to comply is becoming increasingly important. Insurance companies also are realizing that accurate, fast claim processing pays dividends by reducing the number of customer service inquiries, improving customer retention, fostering better relationships with agents, and providing the ability to manage loss-adjustment expense.

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